Spot Bitcoin and Ethereum ETFs in the US experienced notable outflows on November 4, 2024, but BlackRock’s Bitcoin and Ethereum ETFs recorded positive flows. Investors believe that election-related uncertainties had a significant impact on ETF outflows.
With Donald Trump’s victory in the presidential election, there is an expectation that the cryptocurrency market will generally be positive. However, as of November 4, spot Bitcoin ($73,610) and Ethereum ($2,618) ETFs in the US saw significant declines. According to Spot On Chain data, there was a net outflow of $540.9 million from spot Bitcoin ETFs and $63.2 million from Ethereum ETFs.
Among Bitcoin ETFs in the US, only BlackRock’s IBIT ETF saw positive inflows of $38.6 million. All other spot Bitcoin ETFs experienced significant losses. For example, Fidelity’s FBTC ETF saw outflows of $169.6 million, while ARK 21Shares’ ARKB ETF saw outflows of $138.3 million. Major providers such as Grayscale, Bitwise, and VanEck also experienced negative flows. This is seen as an indication of the anxiety created by the uncertainties in the sector ahead of the election.
Spot Ethereum ETFs Continue to Make Outflows$ETH
A similar situation is observed in spot Ethereum ETFs. BlackRock’s ETHA ETF alone saw positive inflows of $11 million, while Grayscale, Fidelity, and Grayscale Mini ETFs saw outflows of $10.8 million, $31.5 million, and $31.9 million, respectively. This suggests that investor interest in spot Ethereum ETFs is waning.
The outflows from both spot Bitcoin ETFs and spot Ethereum ETFs are being interpreted as being related to the uncertainty in the cryptocurrency market and the effects of the US Presidential elections. Analysts state that the outflows from US-based ETFs may be a reflection of changes in investor perception and market fluctuations.