- BlackRock‘s BITB ETF experienced its largest outflow since launch at $44.2 million on November 5
- Total spot Bitcoin ETF outflows reached $116.8 million, marking three consecutive days of withdrawals
- Fidelity’s FBTC led outflows with $68.2 million withdrawn, while Bitwise’s BITB gained $19.3 million
- Bitcoin Price surged to $75,000 despite ETF outflows, possibly influenced by Trump election momentum
- Ethereum ETFs showed no net flows, but ETH price gained 6.7% to exceed $2,600
Record Outflows Hit BlackRock’s Bitcoin ETF Amid Market Rally
BlackRock’s spot Bitcoin ETF (BITB) marked a significant milestone on November 5, recording its largest single-day outflow of $44.2 million since its January launch. This event represents only the sixth day of outflows for the fund, surpassing its previous record of $36.9 million withdrawn on May 1.
The broader spot Bitcoin ETF market experienced combined outflows of $116.8 million, extending a negative streak to three consecutive trading days, according to Farside Investors data. This figure follows the second-largest outflow day, which saw $541.1 million withdrawn on November 4.
Individual ETF Performance
Fidelity’s FBTC emerged as the day’s largest outflow contributor, with investors withdrawing $68.2 million. Other significant outflows included:
– Ark Invest and 21Shares’ ARKB: $12.5 million
– Franklin Templeton’s EZBC: $6 million
– VanEck‘s HODL: $3.9 million
– Valkyrie’s BRRR: $1.3 million
Bucking the trend, Bitwise’s BITB attracted $19.3 million in net inflows, standing as the sole ETF to report positive flows. Grayscale’s GBTC maintained neutral ground with zero flows.
Bitcoin Price Defies ETF Outflows
Despite the consecutive days of ETF outflows, Bitcoin’s price demonstrated remarkable strength. The cryptocurrency reached a new all-time high of $75,000, potentially influenced by growing momentum in Trump’s early election polling numbers.
After touching this historic peak, Bitcoin settled at $74,563, representing an 8.7% increase. This performance builds upon its previous record of $73,797 set on March 14, though prices had largely remained below $70,000 throughout most of the year.
Broader Crypto Market Impact
The ETF market dynamics extended to Ethereum products, with U.S.-based spot ETFs reporting zero net flows on November 5. However, ethereum’s price followed Bitcoin’s upward trajectory, gaining 6.7% to trade above $2,600.
The overall cryptocurrency market showed strong performance, with the global market capitalization increasing by 6.6% within 24 hours, reaching $2.58 trillion. This growth indicates sustained market confidence despite the ETF outflows.
This market behavior demonstrates the complex relationship between institutional investment products and underlying cryptocurrency prices, as traditional investment vehicles continue to evolve alongside direct crypto market participation.
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