Bitcoin and Ethereum ETFs see $530 million outflows during market turmoil
On November 5, US spot Bitcoin and Ethereum ETFs experienced a combined withdrawal of $530 million. This was largely driven by a big downturn in Wall Street, which erased previous gains following the midterm elections. Specifically, Bitcoin ETFs lost approximately $430.23 million, while Ethereum ETFs saw $99.98 million in outflows.
The outflows are part of a larger trend of withdrawal that has been ongoing since late October. BlackRock's iShares Bitcoin Trust faced $105 million in outflows, marking five consecutive sessions of withdrawals, with around $1.04 billion pulled from the fund. Fidelity's FBTC also saw substantial withdrawals, losing $199.87 million just a day after a brief recovery.
These withdrawals have raised concerns about the stability of cryptocurrency prices. Bitcoin's price fell by 6.03% to $75,581.52, while Ethereum dropped to $2,237. The simultaneous decline in both equities and cryptocurrencies signals an increase in risk aversion among investors, as market uncertainties continue to grow.
$BTC $ETH
#CryptoNews
On November 5, US spot Bitcoin and Ethereum ETFs experienced a combined withdrawal of $530 million. This was largely driven by a big downturn in Wall Street, which erased previous gains following the midterm elections. Specifically, Bitcoin ETFs lost approximately $430.23 million, while Ethereum ETFs saw $99.98 million in outflows.
The outflows are part of a larger trend of withdrawal that has been ongoing since late October. BlackRock's iShares Bitcoin Trust faced $105 million in outflows, marking five consecutive sessions of withdrawals, with around $1.04 billion pulled from the fund. Fidelity's FBTC also saw substantial withdrawals, losing $199.87 million just a day after a brief recovery.
These withdrawals have raised concerns about the stability of cryptocurrency prices. Bitcoin's price fell by 6.03% to $75,581.52, while Ethereum dropped to $2,237. The simultaneous decline in both equities and cryptocurrencies signals an increase in risk aversion among investors, as market uncertainties continue to grow.
$BTC $ETH
#CryptoNews
