As a seasoned researcher with a keen eye for market trends and a heart full of curiosity, I find myself intrigued by the recent ebb and flow of Bitcoin and Ethereum ETFs. Over the past few years, I’ve witnessed the crypto market transform from a niche corner of the financial world to a global phenomenon that can sway even the most stable of markets.
On Thursday, U.S.-listed Bitcoin and Ethereum exchange-traded funds (ETFs) experienced losses, marking an end to the trend of inflows that began following the election of President Donald Trump on November 8th.
As a researcher, I’ve noticed an interesting trend: On November 14th, Farside Investors reported a collective net outflow of approximately $400.7 million across their 11 ETFs. This shift in investment occurred during a day where Bitcoin (BTC) experienced a decline, currently standing at around 2% lower than its previous day’s value, which was roughly $88,200.
Two investment funds, specifically BlackRock’s iShares Bitcoin Trust ETF (IBIT) and the VanEck Bitcoin ETF (HODL), were the only ones to experience inflows of capital. The iShares Bitcoin Trust ETF saw a significant net inflow of $126.50 million, while the VanEck Bitcoin ETF had a smaller inflow of approximately $2.5 million.
In this case, the largest amount of money leaving (outflow) was from Fidelity’s ETF at $179.2 million. This was followed by withdrawals totaling $161.7 million from an ETF jointly managed by ARK and 21Shares, and $113.9 million from Bitwise’s fund. Combined, Grayscale’s ETF and mini ETF had outflows of $74.9 million.
It’s the first time the ETFs have posted outflows since Trump won the presidential election held on Nov. 5, an event that kicked off a massive crypto rally that sent Bitcoin soaring around 30% to a peak of nearly $93,500 as of Nov. 13.
On election day, there was a combined withdrawal of approximately $116.8 million from ETFs as markets grappled with uncertainty over the presidential outcome, as polls suggested a close contest between Donald Trump and Democratic nominee Kamala Harris.
With the Republican candidate’s victory appearing imminent, there was an upward trend in the broader financial market due to what came to be known as the “Trump effect” – this surge was fueled by his pledges to strengthen the U.S. economy.
On November 7th, the crypto market experienced a surge, fueled by his supportive comments about cryptocurrencies. This surge was particularly evident in Bitcoin ETFs, which saw their largest single-day influx of $1.37 billion. Remarkably, this inflow was part of a six-day streak that contributed a total of $4.7 billion to the Bitcoin investment funds.
Over the past few days, there has been a withdrawal of $3.2 million from U.S.-based Ethereum ETFs, marking the first time these funds have seen a net outflow since Trump’s election, as reported by Farside.
It caps a nearly $800 million inflow run since Nov. 4 — when the ETH funds last had an outflow. ETH is down nearly 5% over the last 24 hours to trade under $3,100.
Money flowed into the BlackRock’s iShares Ethereum Trust ETF (ETHA) to the tune of $18.9 million, while Invesco’s ETH fund also experienced an inflow of approximately $900,000.
The Grayscale Ethereum Trust ETF (ETHE) was responsible for the bulk of outflows at $21.9 million.
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2024-11-15 08:02