BlackRock’s Bitcoin ETF has seen seven straight days of redemptions—but Bitcoin is still holding at $74,000.
On Monday, U.S. spot Bitcoin ETFs saw another $201 million in net outflows. Leading the way was BlackRock’s IBIT, with $213.2 million in outflows for the day. That marked its seventh consecutive trading day of redemptions, bringing cumulative outflows since October 30 to $1.66 billion. Over the past six trading days, the category as a whole saw about $1.5 billion in outflows.
The year-to-date picture is even worse: the category has seen $1.1 billion in net outflows this year. At this point last year and the year before, it had seen about $25 billion in net inflows.
$ETH wasn’t spared either: U.S. spot Ethereum ETFs saw $184.6 million in outflows on Monday, their biggest single-day outflow since October 6.
But prices haven’t followed the money: $BTC is now at $74,058, down 1.02% over 24 hours. It hit a low of $72,727 overnight, dipping below the 200-day moving average (around $73,150) before climbing back above it. It’s now about $900 above the average. $ETH is at $2,068.62, after hitting an overnight low of $2,006; the $2,000 level still hasn’t been breached.
There’s no support from U.S. stocks tonight: U.S. stock and bond markets are closed for Veterans Day, leaving crypto to find its own way through the night.
The next things to watch: tonight’s updated ETF flows, and whether IBIT sees an eighth straight day of redemptions; and whether Bitcoin can hold the $73,150 moving average through tonight’s close. This is not investment advice.
On Monday, U.S. spot Bitcoin ETFs saw another $201 million in net outflows. Leading the way was BlackRock’s IBIT, with $213.2 million in outflows for the day. That marked its seventh consecutive trading day of redemptions, bringing cumulative outflows since October 30 to $1.66 billion. Over the past six trading days, the category as a whole saw about $1.5 billion in outflows.
The year-to-date picture is even worse: the category has seen $1.1 billion in net outflows this year. At this point last year and the year before, it had seen about $25 billion in net inflows.
$ETH wasn’t spared either: U.S. spot Ethereum ETFs saw $184.6 million in outflows on Monday, their biggest single-day outflow since October 6.
But prices haven’t followed the money: $BTC is now at $74,058, down 1.02% over 24 hours. It hit a low of $72,727 overnight, dipping below the 200-day moving average (around $73,150) before climbing back above it. It’s now about $900 above the average. $ETH is at $2,068.62, after hitting an overnight low of $2,006; the $2,000 level still hasn’t been breached.
There’s no support from U.S. stocks tonight: U.S. stock and bond markets are closed for Veterans Day, leaving crypto to find its own way through the night.
The next things to watch: tonight’s updated ETF flows, and whether IBIT sees an eighth straight day of redemptions; and whether Bitcoin can hold the $73,150 moving average through tonight’s close. This is not investment advice.
