BlackRock pulls $403 million in one day as Bitcoin spot ETF flows turn negative for the year
On November 6, Bitcoin spot ETFs saw net outflows of $412 million in a single day. SoSoValue data shows this was the second consecutive day of large redemptions, following outflows of about $430 million the previous day. Combined, the two days saw outflows of more than $840 million.
The outflows were highly concentrated in one firm: BlackRock’s IBIT saw $403 million in outflows in a single day, accounting for 98% of the day’s total. Fidelity’s FBTC bucked the trend with net inflows of $42.8 million, one of the few positive figures that day.
Ethereum spot ETFs saw outflows of $93.19 million on the same day, following outflows of about $100 million the day before.
Year-to-date cumulative net inflows into Bitcoin spot ETFs have turned negative, at around -$502 million. By comparison, total assets across the Bitcoin ETF market still stand at $96.65 billion. The shortfall is only a small dent, not a crash.
Two consecutive days of outflows totaling $840 million do not signal panic among retail investors; rather, portfolio allocators are repricing after the nonfarm payrolls data and the tech stock sell-off. The coming week will be a test: if Bitcoin spot ETFs return to net inflows from November 7 to 13, with more than $200 million in a single day, this will have been a rebalancing. If outflows continue and exceed another $500 million cumulatively, a rebound around $75,000 will not hold, and flows for the year will officially turn negative.
$BTC #BitcoinETF
On November 6, Bitcoin spot ETFs saw net outflows of $412 million in a single day. SoSoValue data shows this was the second consecutive day of large redemptions, following outflows of about $430 million the previous day. Combined, the two days saw outflows of more than $840 million.
The outflows were highly concentrated in one firm: BlackRock’s IBIT saw $403 million in outflows in a single day, accounting for 98% of the day’s total. Fidelity’s FBTC bucked the trend with net inflows of $42.8 million, one of the few positive figures that day.
Ethereum spot ETFs saw outflows of $93.19 million on the same day, following outflows of about $100 million the day before.
Year-to-date cumulative net inflows into Bitcoin spot ETFs have turned negative, at around -$502 million. By comparison, total assets across the Bitcoin ETF market still stand at $96.65 billion. The shortfall is only a small dent, not a crash.
Two consecutive days of outflows totaling $840 million do not signal panic among retail investors; rather, portfolio allocators are repricing after the nonfarm payrolls data and the tech stock sell-off. The coming week will be a test: if Bitcoin spot ETFs return to net inflows from November 7 to 13, with more than $200 million in a single day, this will have been a rebalancing. If outflows continue and exceed another $500 million cumulatively, a rebound around $75,000 will not hold, and flows for the year will officially turn negative.
$BTC #BitcoinETF