Key Takeaways
- • BlackRock's spot Bitcoin ETF IBIT recorded net outflows for a ninth straight trading session, with cumulative withdrawals over that stretch exceeding $2 billion.
- • IBIT lost roughly $270 million on Nov. 11 alone, about 90% of the approximately $300 million in net outflows across all U.S. spot Bitcoin ETFs that day, according to Cointelegraph.
- • U.S. spot Bitcoin ETFs as a group have posted net outflows for five consecutive sessions, totaling $1.44 billion.
- • Bitfinex said a slowdown in ETF outflows could be an early sign the market is nearing a bottom, but a slower pace alone is not enough to confirm a recovery.
Summary
BlackRock's spot Bitcoin exchange-traded fund, IBIT, posted net outflows for a ninth consecutive trading session, pushing cumulative withdrawals over that period past $2 billion. According to Cointelegraph, about $270 million left IBIT on Nov. 11, accounting for roughly 90% of the approximately $300 million in net outflows recorded across all U.S. spot Bitcoin ETFs that day.
The pressure was not confined to IBIT. Grayscale's GBTC recorded about $39 million in outflows on the same day. In contrast, Morgan Stanley's Bitcoin ETF, MSBT, drew roughly $9 million in net inflows. Taken together, U.S. spot Bitcoin ETFs have logged net outflows for five straight trading sessions, with cumulative withdrawals reaching $1.44 billion over that span.
Crypto exchange Bitfinex said in a report that a slowdown in ETF outflows could signal the market is approaching a bottom. However, the firm cautioned that a slower pace of outflows alone is not sufficient to confirm a recovery, leaving the near-term direction of institutional Bitcoin demand unresolved.
The pressure was not confined to IBIT. Grayscale's GBTC recorded about $39 million in outflows on the same day. In contrast, Morgan Stanley's Bitcoin ETF, MSBT, drew roughly $9 million in net inflows. Taken together, U.S. spot Bitcoin ETFs have logged net outflows for five straight trading sessions, with cumulative withdrawals reaching $1.44 billion over that span.
Crypto exchange Bitfinex said in a report that a slowdown in ETF outflows could signal the market is approaching a bottom. However, the firm cautioned that a slower pace of outflows alone is not sufficient to confirm a recovery, leaving the near-term direction of institutional Bitcoin demand unresolved.
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