November First Week Sees Bitcoin & Ethereum ETFs Outflow Surge

The net inflows for Bitcoin and Ethereum spot ETFs show a significant change as of November 4th, 2024, according to data from Sosovalue, highlighting increased market volatility and caution among investors. There has been overall market uncertainty before the US Election Day. 

The Institutional Bitcoin Investments

The BTC spot ETF experienced a daily net outflow of $541.07 million, leading to a total of $23.61 billion in cumulative net inflows, while Bitcoin’s price fluctuated around $68,750. 

The detailed daily inflows and net assets highlight the sentiment shift within the market Blackrock’s iShares BTC Trust or IBIT managed to secure a positive daily inflow of $38.42 million, revealing some resilience in the uncertain market. 

However, other major players, like Grayscale and Fidelity, reported substantial outflows of $63.66 million and $169.60 million respectively. Other funds, including Ark’s ARKB and Bitwise BITB, also saw net negative inflows, with outflows of $138.26 million and $79.84 million, respectively. 

Despite some minor inflows, the net movement suggests a rather conservative approach by investors, possibly influenced by the apprehension around the US election outcome.

The Spot Ethereum Outflows

The ETH Spot ETF market also mirrored caution, recording a daily net outflow of $63.22 million. Currently, the price of Ethereum stands at $2398.21.

The outflows uphold the challenges the asset faces in maintaining momentum as investors’ interest appear to wane. The largest ETH spot ETF, Grayscale’s ETHE, saw an outflow of $10.80 million, with its market price dropping by more than 3% to $20.36. 

On the other hand, Blackrock’s ETHA showed a positive daily inflow worth $11.01 million, showcasing that investors are confident in certain funds in the spot ETH market. 

Overall, major ETFs have seen major declines in market prices, which indicates hesitancy among investors and points towards a broader economic concern.  Even though the launch of Spot ETFs was anticipated to boost the crypto market, the existing pattern indicates that regulatory changes and worries about the sustainability of the market are affecting how investors act. 

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