$BTC ETFs saw $430 million in net outflows in a single day!
Fidelity's FBTC had $200 million in net outflows.
Nearly $100 million was pulled from ETH ETFs too!
ETF funds flowed out of both major assets at the same time.
Can spot markets absorb this wave of redemption pressure?
On November 5, U.S. Eastern Time, U.S. spot Bitcoin ETFs saw combined net outflows of $430 million. Fidelity's FBTC accounted for $200 million in net outflows, about 46.5% of the total. Spot Ethereum ETFs also saw net outflows of $99.97 million that day, with BlackRock's ETHA accounting for $75.2 million, or about 75.2%. The two types of products saw combined net outflows of $529.97 million. Neither BTC nor ETH has yet seen ETF fund outflows ease.
These figures pose a test for dip buyers: funds are still flowing out of ETFs, so for prices to stabilize, other buyers will need to step in. I'll be watching the scale of redemptions over the next few trading days, as well as buying support when prices retest lower levels. If net outflows gradually shrink and BTC and ETH stop making new lows, bulls may get a chance to extend the rebound. If large outflows continue, short-term rallies could still run into selling pressure.
If redemptions start to slow and prices hold their lows, bulls may have a chance to regroup and launch another rally.
Once ETF funds turn positive and continue flowing back in, the rebound will have a stronger foundation to push higher!
Click the card below and get started! 👇
$ETH $SNDK
Fidelity's FBTC had $200 million in net outflows.
Nearly $100 million was pulled from ETH ETFs too!
ETF funds flowed out of both major assets at the same time.
Can spot markets absorb this wave of redemption pressure?
On November 5, U.S. Eastern Time, U.S. spot Bitcoin ETFs saw combined net outflows of $430 million. Fidelity's FBTC accounted for $200 million in net outflows, about 46.5% of the total. Spot Ethereum ETFs also saw net outflows of $99.97 million that day, with BlackRock's ETHA accounting for $75.2 million, or about 75.2%. The two types of products saw combined net outflows of $529.97 million. Neither BTC nor ETH has yet seen ETF fund outflows ease.
These figures pose a test for dip buyers: funds are still flowing out of ETFs, so for prices to stabilize, other buyers will need to step in. I'll be watching the scale of redemptions over the next few trading days, as well as buying support when prices retest lower levels. If net outflows gradually shrink and BTC and ETH stop making new lows, bulls may get a chance to extend the rebound. If large outflows continue, short-term rallies could still run into selling pressure.
If redemptions start to slow and prices hold their lows, bulls may have a chance to regroup and launch another rally.
Once ETF funds turn positive and continue flowing back in, the rebound will have a stronger foundation to push higher!
Click the card below and get started! 👇
$ETH $SNDK
