ETFs shed $1.28 billion in a week, while Bitcoin is still holding at $76,000—the money hasn’t disappeared; it’s just changed hands.
U.S. spot Bitcoin ETFs saw net outflows of $1.2817 billion during the week of November 2–6, including $411.9 million on November 6 alone. At that rate of selling, Bitcoin should have fallen.
But $BTC is now at $76,008, down just 0.08% over the past 24 hours. It held above the day’s low of $74,888 and stayed above the 50-week moving average at $75,560.
There are buyers on the other side of those sales: Strive bought 15,124 bitcoins in October, bringing its holdings to 43,124 and making it the world’s fourth-largest publicly listed corporate Bitcoin holder. Kazakhstan’s central bank also announced plans to invest up to $300 million from its national reserves in crypto assets, starting with about $50 million and buying in gradually.
ETF holders are redeeming their shares, while publicly listed companies and central banks are adding to their holdings. At the same $76,000 price tag, the two sides are seeing different markets.
The next point to watch: U.S. October CPI comes out next Tuesday, November 10. Will ETF outflows continue, and will the $74,888 low hold? This is not investment advice.
U.S. spot Bitcoin ETFs saw net outflows of $1.2817 billion during the week of November 2–6, including $411.9 million on November 6 alone. At that rate of selling, Bitcoin should have fallen.
But $BTC is now at $76,008, down just 0.08% over the past 24 hours. It held above the day’s low of $74,888 and stayed above the 50-week moving average at $75,560.
There are buyers on the other side of those sales: Strive bought 15,124 bitcoins in October, bringing its holdings to 43,124 and making it the world’s fourth-largest publicly listed corporate Bitcoin holder. Kazakhstan’s central bank also announced plans to invest up to $300 million from its national reserves in crypto assets, starting with about $50 million and buying in gradually.
ETF holders are redeeming their shares, while publicly listed companies and central banks are adding to their holdings. At the same $76,000 price tag, the two sides are seeing different markets.
The next point to watch: U.S. October CPI comes out next Tuesday, November 10. Will ETF outflows continue, and will the $74,888 low hold? This is not investment advice.
