Bitcoin ETF outflows hit $412M on Friday, but one fund drove almost all of it 📉
U.S. spot $BTC ETFs recorded $411.9M in net outflows on Nov 6, according to SoSoValue. That followed $430.2M on Nov 5, per Bloomberg data cited by ForexCrunch.
The detail: BlackRock's IBIT lost $403M. Bitwise, ARK 21Shares and Grayscale lost about $52M combined. Fidelity's FBTC took in $42.8M, the only one of 12 funds with inflows.
That looks like concentrated selling, not a rush out of every fund. Flows are also only one source of demand, since $BTC trades 24/7 on many venues.
Next, I'm watching what a third outflow day does to price. If it comes while $BTC holds 75,000, the selling is being absorbed. If BTC closes below 74,888, the Nov 6 low, I'd treat the selling as broader.
Which do you trust more: ETF flows or spot volume? 👇
#BitcoinETFs #bitcoin #BitcoinETFsSee$412MNetOutflows #CPITestsDecemberRateOutlook
U.S. spot $BTC ETFs recorded $411.9M in net outflows on Nov 6, according to SoSoValue. That followed $430.2M on Nov 5, per Bloomberg data cited by ForexCrunch.
The detail: BlackRock's IBIT lost $403M. Bitwise, ARK 21Shares and Grayscale lost about $52M combined. Fidelity's FBTC took in $42.8M, the only one of 12 funds with inflows.
That looks like concentrated selling, not a rush out of every fund. Flows are also only one source of demand, since $BTC trades 24/7 on many venues.
Next, I'm watching what a third outflow day does to price. If it comes while $BTC holds 75,000, the selling is being absorbed. If BTC closes below 74,888, the Nov 6 low, I'd treat the selling as broader.
Which do you trust more: ETF flows or spot volume? 👇
#BitcoinETFs #bitcoin #BitcoinETFsSee$412MNetOutflows #CPITestsDecemberRateOutlook