BlackRock’s BTC ETF has seen net outflows for 7 consecutive trading days, totaling about $1.66 billion.
That figure does look a little scary. 😅
Looking just at the data for November 9:
BTC ETF (IBIT): $213 million in net outflows.
ETH ETF (ETHA): $119 million in net outflows.
Combined, that’s more than $330 million.
Things in the crypto market haven’t been going too well lately. A few days ago, BTC briefly fell to around $73,700, and ETH dropped sharply along with it. On top of that, policy concerns following the U.S. midterm elections have kept market sentiment fairly weak.
That said, I think BlackRock’s figures are worth a closer look.
These outflows are mainly due to ETF investors redeeming their shares. They shouldn’t be simply interpreted as BlackRock itself turning bearish on BTC and actively liquidating its holdings.
For now, I’m keeping a close eye on ETF flows over the next few trading days.
If money keeps flowing out, it may be difficult for BTC to stage a decent rebound.
On the other hand, if inflows start to return and the market stabilizes, things could get interesting.
I’m still leaning cautious for now, and keeping my position size under control.
After all, there are always more opportunities, but once your capital is gone, you’re really out of the game. 😂 $BTC
$ETH
That figure does look a little scary. 😅
Looking just at the data for November 9:
BTC ETF (IBIT): $213 million in net outflows.
ETH ETF (ETHA): $119 million in net outflows.
Combined, that’s more than $330 million.
Things in the crypto market haven’t been going too well lately. A few days ago, BTC briefly fell to around $73,700, and ETH dropped sharply along with it. On top of that, policy concerns following the U.S. midterm elections have kept market sentiment fairly weak.
That said, I think BlackRock’s figures are worth a closer look.
These outflows are mainly due to ETF investors redeeming their shares. They shouldn’t be simply interpreted as BlackRock itself turning bearish on BTC and actively liquidating its holdings.
For now, I’m keeping a close eye on ETF flows over the next few trading days.
If money keeps flowing out, it may be difficult for BTC to stage a decent rebound.
On the other hand, if inflows start to return and the market stabilizes, things could get interesting.
I’m still leaning cautious for now, and keeping my position size under control.
After all, there are always more opportunities, but once your capital is gone, you’re really out of the game. 😂 $BTC
$ETH
