US Spot Bitcoin ETFs End 5-Day Outflows Streak With $75M Gain
US spot Bitcoin ETFs (exchange-traded funds) broke their 5-day outflow streak with fresh net gains in the latest trading session.
Data from Farside Investors shows that the funds recorded net daily inflows of $75.4 million on Nov. 19.
Only Two Spot Bitcoin ETFs See Inflows
The latest inflows can be attributed to just two of the products, with BlackRock’s IBIT gaining $60.6 million in inflows and Grayscale’s BTC $53.8 million.
Fidelity’s FBTC recorded outflows of $21.4 million while VanEck’s HODL lost $17.6 million. The remaining funds recorded no new flows.
BlackRock’s IBIT Recovers From Record Outflows Earlier This Week
BlackRock’s IBIT, the largest spot Bitcoin ETF in terms of cumulative inflows, has experienced a volatile week. While it led inflows yesterday, it suffered the majority of outflows in the past week.
US spot BTC ETF flows (Source: Farside Investors)
During that period, the fund had also suffered its largest outflows since its debut in January 2024. On Nov. 18, $523.2 million left the ETF in a single day. This came after IBIT recorded $145.6 million of the $254.6 million outflows seen the day before, and after the ETF recorded $463.1 million of the total $492.1 million that flowed out of the Bitcoin ETFs on Nov. 14.
Commenting on IBIT’s record outflows, Bloomberg ETF analyst Eric Balchunas said that the fund was in the middle of an “ugly stretch.” However, he pointed out that even with the outflows, the year-to-date inflows for the fund stand at more than $25 billion.
Macro Jitters Fuel BTC ETF Outflows
Bitcoin ETF outflows in the past month had reached around $3.3 billion, Balchunas added. This equates to only about 3.5% of the funds’ total assets under management (AUM).
That coincided with a month in which the BTC price lost over 14% of its value. It plummeted to a seven-month low of $88,526.83 yesterday but has since recovered somewhat to trade at $92,173.94 as of 4:30 a.m. EST, data from CoinMarketCap shows.
Fear continues to grip the market amid growing macroeconomic jitters. Investors are cautious as the likelihood that the Federal Reserve cuts interest rates next month diminishes.
Minutes of the Fed’s October 28-29 meeting showed a slim majority of Fed officials against a December rate cut.
The Crypto Fear & Greed Index slid four points overnight to an “extreme fear” reading of 11.
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