Tonight, let’s lay out Friday’s numbers first. U.S. spot Bitcoin ETFs saw net outflows of about $1.065 billion this week, Monday through Friday, according to Farside. All five trading days were in the red: $201 million on Monday, $95 million on Tuesday, $299.8 million on Wednesday, $284.1 million on Thursday, and another $185.4 million out on Friday. That makes seven consecutive days of outflows through Friday.
Looking just at BlackRock’s IBIT, about $908.4 million flowed out over the week, with outflows on all five days. Fidelity’s FBTC also saw $111.3 million leave. Morgan Stanley’s MSBT, on the other hand, brought in $54.4 million—but that inflow couldn’t plug even one day’s hole at IBIT.
Ethereum ETFs saw net outflows of about $398.9 million this week, with BlackRock’s ETHA alone accounting for $311.1 million. Friday did bring a reversal, with a net inflow of $2.3 million, briefly ending a six-day run of redemptions. Add Solana, Zcash, and Hyperliquid, and the five groups tracked by Farside saw combined net outflows of about $1.5314 billion for the week. Bitcoin and Ethereum made up 95% of that.
There have been only two trading weeks in November, and Bitcoin ETFs have already seen about $2.347 billion flow out. The previous week was even worse, at $1.282 billion. Using SoSoValue data through Thursday, CoinDesk calculated that the year had already turned to net outflows, exceeding $1.56 billion; Friday’s $185.4 million wasn’t included yet. When institutions were pouring money in over the past two years, plenty of people treated ETFs as a one-way street. After two weeks of redemptions like this, money is now flowing out.
On Binance’s spot market, Bitcoin is around $67,300 now, down about 3% over 24 hours, after hitting a low of $66,500 during the day. Ethereum is around $1,911, with its low still the $1,878 print from earlier. Solana looks worse: around $76, after a low of $74.85, down nearly 6% on the day. After the midday sell-off, prices edged up a little in the evening, but not by much.
Some people are starting to blame Anthropic. Pricing is set for next Wednesday, with a Nasdaq listing on Thursday under the ticker ANT. The plan is to sell 825 million Class A shares at $70 to $78 apiece, which could raise about $64.4 billion at the top of the range. Some reports put its fully diluted valuation at around $1.4 trillion. Reuters, citing Bloomberg, says demand is about six times the number of shares on offer. Retail investors could still get around 20%, or roughly $12.9 billion worth. Xapo CEO Seamus Rocca said publicly that the recent sell-off was related to the order book opening, with some investors pulling cash out of liquid assets like Bitcoin to get in on the IPO.
It sounds plausible. Six times oversubscribed, a big allocation still available to retail investors, and Bitcoin easy to liquidate—it looks as if someone is using crypto as an ATM. But the timing doesn’t quite fit. ETF redemptions started accelerating the week before last; they didn’t begin only when the subscription books opened. The more immediate pressure this week is the run of redemptions itself. Even if the IPO is pulling some money out, it’s being layered onto an outflow that was already underway, not suddenly appearing as the main cause in the last few days.
The listing isn’t until next Thursday. If people really are selling to secure allocations, spot markets and ETFs could see more money pulled out over the next few days. If this is just a convenient explanation, then watch whether redemptions continue on Monday.
#比特币 #ETF
Looking just at BlackRock’s IBIT, about $908.4 million flowed out over the week, with outflows on all five days. Fidelity’s FBTC also saw $111.3 million leave. Morgan Stanley’s MSBT, on the other hand, brought in $54.4 million—but that inflow couldn’t plug even one day’s hole at IBIT.
Ethereum ETFs saw net outflows of about $398.9 million this week, with BlackRock’s ETHA alone accounting for $311.1 million. Friday did bring a reversal, with a net inflow of $2.3 million, briefly ending a six-day run of redemptions. Add Solana, Zcash, and Hyperliquid, and the five groups tracked by Farside saw combined net outflows of about $1.5314 billion for the week. Bitcoin and Ethereum made up 95% of that.
There have been only two trading weeks in November, and Bitcoin ETFs have already seen about $2.347 billion flow out. The previous week was even worse, at $1.282 billion. Using SoSoValue data through Thursday, CoinDesk calculated that the year had already turned to net outflows, exceeding $1.56 billion; Friday’s $185.4 million wasn’t included yet. When institutions were pouring money in over the past two years, plenty of people treated ETFs as a one-way street. After two weeks of redemptions like this, money is now flowing out.
On Binance’s spot market, Bitcoin is around $67,300 now, down about 3% over 24 hours, after hitting a low of $66,500 during the day. Ethereum is around $1,911, with its low still the $1,878 print from earlier. Solana looks worse: around $76, after a low of $74.85, down nearly 6% on the day. After the midday sell-off, prices edged up a little in the evening, but not by much.
Some people are starting to blame Anthropic. Pricing is set for next Wednesday, with a Nasdaq listing on Thursday under the ticker ANT. The plan is to sell 825 million Class A shares at $70 to $78 apiece, which could raise about $64.4 billion at the top of the range. Some reports put its fully diluted valuation at around $1.4 trillion. Reuters, citing Bloomberg, says demand is about six times the number of shares on offer. Retail investors could still get around 20%, or roughly $12.9 billion worth. Xapo CEO Seamus Rocca said publicly that the recent sell-off was related to the order book opening, with some investors pulling cash out of liquid assets like Bitcoin to get in on the IPO.
It sounds plausible. Six times oversubscribed, a big allocation still available to retail investors, and Bitcoin easy to liquidate—it looks as if someone is using crypto as an ATM. But the timing doesn’t quite fit. ETF redemptions started accelerating the week before last; they didn’t begin only when the subscription books opened. The more immediate pressure this week is the run of redemptions itself. Even if the IPO is pulling some money out, it’s being layered onto an outflow that was already underway, not suddenly appearing as the main cause in the last few days.
The listing isn’t until next Thursday. If people really are selling to secure allocations, spot markets and ETFs could see more money pulled out over the next few days. If this is just a convenient explanation, then watch whether redemptions continue on Monday.
#比特币 #ETF
