Original author: Danny Park
Original title: Spot Bitcoin ETFs see $541 million in outflows, largest daily negative flow since May
Original source: The Block
Translation: Koala, Mars Finance
U.S. spot Bitcoin ETFs reported a net outflow of $541 million on Monday, while last week was the week of the largest net inflow.
As the market awaits the results of the U.S. presidential election, Bitcoin prices have fluctuated around $68,000 over the past day.
U.S. spot Bitcoin exchange-traded funds reported a net outflow of $541 million on Monday, marking the largest single-day net outflow since May 1, and the second-largest negative outflow since trading began in January.
Last week, ETFs saw inflows of $2.22 billion, marking one of the highest weekly net inflow records.
BTCMarkets cryptocurrency analyst Rachael Lucas stated: "Following last week's record inflows, a degree of rebalancing is expected as investors take profits and adjust their portfolios in response to market volatility." "The timing may coincide with the upcoming U.S. election results, as many market participants adopt a 'wait-and-see' stance in the face of increasing geopolitical and policy uncertainty."
Yesterday, eight Bitcoin spot ETFs experienced net outflows, with Fidelity's FBTC seeing a net outflow of $169.6 million. SoSoValue data indicates that Monday was also the second-largest single-day net outflow for FBTC since its launch.
Ark and 21Shares' ARKB saw a net outflow of $138.26 million, while Bitwise's BITB had a net outflow of $79.84 million. Grayscale's GBTC and Mini Bitcoin Trust also reported net outflows of $63.66 million and $89.49 million, respectively. Funds under Franklin Templeton, VanEck, and Valkyrie also experienced net outflows on Monday.
The only fund to report a net inflow yesterday was BlackRock's IBIT, which is the largest Bitcoin spot ETF by net assets, with a net inflow of $38.42 million.
Yesterday, the trading volume of 12 Bitcoin ETFs was approximately $2.22 billion, compared to $3.09 billion last Friday. Their cumulative net inflow totaled $23.61 billion.
"Looking ahead, ETF flows may be influenced by the election results," Lucas told The Block. "If the election results suggest a favorable political environment for cryptocurrencies, we may see funds flowing back in and a shift in market sentiment to bullish. However, if there are signs of increased regulatory scrutiny, especially after a Democratic victory, we may see further outflows as investors respond cautiously."
According to The Block's Bitcoin price page, Bitcoin's price has fluctuated around $68,000 over the past 24 hours, although at the time of writing, it appears to have stabilized around $68,500. The Federal Open Market Committee meeting is upcoming after the results of the U.S. presidential election are announced.
The net outflow of Ethereum ETFs reached a six-week high.
Meanwhile, spot Ether ETFs also experienced a net outflow on Monday, with outflows of $63.22 million, marking the largest single-day net outflow since September 23.
The outflow of funds mainly comes from Fidelity's FETH and Grayscale's Mini Ethereum Trust, with both funds experiencing outflows exceeding $31 million. Grayscale's ETHE also saw a net outflow of $10.8 million. BlackRock's ETHE was the only fund to report a net inflow on Monday, with a net inflow of $11 million.
The trading volume of nine spot Ether ETFs decreased from $169.11 million last Friday to $149.11 million yesterday, with a cumulative net outflow of $554.66 million.
