$BTC The “BlackRock dumped $405 million” headline flooding feeds today needs a closer look.
On November 2, U.S. spot BTC ETFs saw net outflows of about $399 million. IBIT was down $405 million for the day, its biggest outflow in four months; in the same set of figures, FBTC still saw a small inflow. People in the comments are already setting the record straight: redemptions of shares forced the fund to sell the underlying assets—it doesn’t mean the issuer suddenly turned bearish. But the coins were still sold.
Add Friday’s roughly $643 million, and outflows over two days come to around the $1 billion mark, hitting on November 3, the midterm election voting day. In the market, $BTC the price had already dipped below $77,000 during Asian trading, moving between roughly $76,390 and $77,280 throughout the day. It’s now hovering around $77,070, and no one has truly reclaimed $77,000.
I don’t treat the words “BlackRock selling” as a trading signal. The more telling fact is this: redemption pressure has played out for two days straight, yet the price is still clinging to the $77,000 threshold. If the daily candle closes below the $76,390 area, that door will have failed to hold. If you want to say the outflows are just noise, first see whether the price can get back above $78,000 and hold.
Midterm vote counting is still underway; the numbers speak more clearly than the slogans.
#BTC #ETF
On November 2, U.S. spot BTC ETFs saw net outflows of about $399 million. IBIT was down $405 million for the day, its biggest outflow in four months; in the same set of figures, FBTC still saw a small inflow. People in the comments are already setting the record straight: redemptions of shares forced the fund to sell the underlying assets—it doesn’t mean the issuer suddenly turned bearish. But the coins were still sold.
Add Friday’s roughly $643 million, and outflows over two days come to around the $1 billion mark, hitting on November 3, the midterm election voting day. In the market, $BTC the price had already dipped below $77,000 during Asian trading, moving between roughly $76,390 and $77,280 throughout the day. It’s now hovering around $77,070, and no one has truly reclaimed $77,000.
I don’t treat the words “BlackRock selling” as a trading signal. The more telling fact is this: redemption pressure has played out for two days straight, yet the price is still clinging to the $77,000 threshold. If the daily candle closes below the $76,390 area, that door will have failed to hold. If you want to say the outflows are just noise, first see whether the price can get back above $78,000 and hold.
Midterm vote counting is still underway; the numbers speak more clearly than the slogans.
#BTC #ETF
