Bitcoin ETFs see $540 million outflow amid increased US Election volatility

exchange68November 5, 2024

0 3 1 minute read

Major asset management firms reported significant outflows in Bitcoin ETFs following over $3 billion in inflows since Oct. 23. On Nov. 1, BlackRock’s IBIT showed no change, while Grayscale’s GBTC decreased by $5.5 million. By Nov. 4, BlackRock’s IBIT registered an inflow of $38.4 million, whereas Grayscale’s GBTC saw an outflow of $63.7 million.

Companies like Fidelity’s FBTC and Ark’s ARKB also experienced notable movements. Ark’s ARKB decreased by $24.1 million on Nov. 1 and faced an outflow of $138.3 million by Nov. 4. Fidelity’s FBTC had outflows of $25.6 million and $169.6 million on Nov. 1 and 4, respectively.

Bitcoin ETFs (Source: Farside Investors)

Bitcoin currently trades at $68,813.50, 7% below its all-time high of $73,686.93. Its market capitalization is $1.36 trillion, and its 24-hour trading volume is $42.2 billion. According to CryptoSlate data, Bitcoin’s market dominance is 60.7%.

Analyst

Liam ‘Akiba’ Wright

Editor-in-Chief at CryptoSlate

Also known as “Akiba,” Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.

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