U.S. spot bitcoin exchange-traded funds saw $541 million in net outflows on Monday, marking their largest daily net outflow since May 1 and the second-largest negative flow since trading began in January.
This follows $2.22 billion in inflows to the ETFs last week, one of their largest weekly net inflows.
“After last week’s record-breaking inflows, some degree of rebalancing is expected, as investors take profits and adjust portfolios in anticipation of market volatility,” said Rachael Lucas, crypto analyst of BTCMarkets. “The timing likely aligns with the upcoming U.S. election results as many market participants adopt a 'wait and see' stance amid heightened geopolitical and policy uncertainties.”
Eight spot bitcoin ETFs saw net outflows yesterday, with Fidelity’s FBTC recording net outflows of $169.6 million. Monday also marked FBTC’s second-largest daily net outflow since its debut, according to data from SoSoValue.
Ark and 21Shares’ ARKB saw $138.26 million in net outflows, and Bitwise’s BITB had net outflows of $79.84 million. Grayscale’s GBTC and its Mini Bitcoin Trust also reported net outflows of $63.66 million and$89.49 million, respectively. Funds from Franklin Templeton, VanEck and Valkyrie experienced net outflows on Monday as well.
The only net inflows yesterday came from BlackRock’s IBIT, the largest spot bitcoin ETF by net assets, which recorded $38.42 million in net inflows.
The 12 bitcoin ETFs traded around $2.22 billion yesterday, compared to $3.09 billion on Friday. Their cumulative total net inflow stood at $23.61 billion.
“Moving forward, ETF flows could be influenced by the election outcome,” Lucas told The Block. “Should results signal a crypto-friendly political environment, we might see renewed inflows and a bullish turn in sentiment. However, if there are signs of increased regulatory scrutiny, particularly following a Democratic win, we could see further outflows as investors respond with caution.”
The price of bitcoin has been fluctuating around the $68,000 level in the past 24 hours, although it appears to have settled near $68,500 at the time of writing, according to The Block’s bitcoin price page. Following the U.S. presidential election results, the Federal Open Market Committee meeting is set to be held.
Meanwhile, spot ether ETFs also saw net outflows on Monday, with $63.22 million exiting the funds. This marked the largest daily net outflow since Sept. 23.
The outflows mainly came from Fidelity’s FETH and Grayscale’s Mini Ethereum Trust, both of which logged outflows of over $31 million. Grayscale’s ETHE also saw net outflows of $10.8 million. BlackRock’s ETHE was the only fund with net inflows on Monday, totaling $11 million.
The nine spot ether ETFs' trading volume shrank to $149.11 million yesterday from $169.11 million on Friday. Their cumulative net outflows stood at $554.66 million.
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