While bitcoin hit a new all-time high on Nov. 5, earlier in the day, before 2024 U.S. election polling data began to emerge, spot BTC ETFs took a downturn. Investors withdrew $116.9 million, with Fidelity’s FBTC leading the losses, shedding $68.24 million. Blackrock’s IBIT followed suit, divesting $44.23 million. Ark Invest’s and 21shares’ ARKB fund dropped $12.48 million, while Franklin Templeton’s EZBC trimmed $6.04 million.
Vaneck’s HODL saw a $3.93 million dip, and Valkyrie’s BRRR let go of $1.28 million. Offsetting these losses, Bitwise’s BITB enjoyed an influx, gaining $19.28 million in fresh investments. This $116.9 million brings total net inflows since Jan. 11, 2024, to $23.50 billion. About $2.39 billion in trades cleared on Tuesday, and the 12 ETFs now hold $69.28 billion, which is around 5.04% of BTC’s market value.
Meanwhile, the nine ether ETFs had a flat trading day, with zero net gains or losses. A total of $163.5 million moved in trading, leaving cumulative outflows since July 23 at $554.66 million. As of Wednesday, Nov. 6, the ETH ETFs hold $6.64 billion in ether, representing 2.27% of ethereum’s total market cap.
The contrasting performance between bitcoin and ether ETFs highlights how market sentiment can shift dramatically across assets, even on high-stakes days like U.S. Election Day. Investors’ divergent moves—drawing heavily from bitcoin ETFs while ether ETFs stayed unmoved—signal the complex dynamics shaping crypto portfolios. As the market matures, these nuanced flows may reveal investor confidence or caution tied to broader economic signals.
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