The most eye-catching set of numbers on the plaza today: U.S. crypto ETFs saw $1.48 billion in net outflows over five days. BTC alone shed $1.06 billion, ETH followed with $326 million, and even SOL, XRP, HYPE, and ZEC together lost $89.4 million—not a single one of the six categories was spared; they all saw outflows.
In the same week, the top 10 U.S. stock ETFs took in $37.5 billion. Farside’s figures are even more striking: BTC ETFs saw outflows for five straight trading days, totaling $1.44 billion, led by IBIT. Year to date, BTC ETFs are still down a cumulative $1.42 billion, compared with net inflows of $25.2 billion over the same period last year.
On one side, the plaza is full of jokes about “institutions buying the dip”; on the other, real money is flowing out of ETFs. I just mentioned that Jane Street’s 13F filing is old news from the end of September. These outflow figures are the fresh data—and it’s not that institutions have stopped loving BTC; they’re spooked: CPI came in hotter than expected, the odds of a December rate hike have risen, and the dollar index has surged to 103. For now, money is hiding out in U.S. stocks to weather the storm.
I’m siding with the bears: outflows aren’t the scary part—the scary part is the plaza still shouting “whales are buying the dip” while money is flowing out. A real bottom means outflows stop first, then turn positive—not a rebound just because people chant a couple of slogans.
Which side are you on: ETFs shed $1.48 billion in five days. Do you think this is temporary rotation, or are institutions really pulling out?
#BTC
In the same week, the top 10 U.S. stock ETFs took in $37.5 billion. Farside’s figures are even more striking: BTC ETFs saw outflows for five straight trading days, totaling $1.44 billion, led by IBIT. Year to date, BTC ETFs are still down a cumulative $1.42 billion, compared with net inflows of $25.2 billion over the same period last year.
On one side, the plaza is full of jokes about “institutions buying the dip”; on the other, real money is flowing out of ETFs. I just mentioned that Jane Street’s 13F filing is old news from the end of September. These outflow figures are the fresh data—and it’s not that institutions have stopped loving BTC; they’re spooked: CPI came in hotter than expected, the odds of a December rate hike have risen, and the dollar index has surged to 103. For now, money is hiding out in U.S. stocks to weather the storm.
I’m siding with the bears: outflows aren’t the scary part—the scary part is the plaza still shouting “whales are buying the dip” while money is flowing out. A real bottom means outflows stop first, then turn positive—not a rebound just because people chant a couple of slogans.
Which side are you on: ETFs shed $1.48 billion in five days. Do you think this is temporary rotation, or are institutions really pulling out?
#BTC
