CryptoSlate
US spot Bitcoin and Ethereum ETFs suffered a combined $530 million in net outflows on Nov. 5, with Bitcoin funds losing about $430.2 million and Ethereum funds shedding roughly $99.9 million, Farside Investors data showed. The withdrawals followed a combined $127.6 million inflow the previous day.
BlackRock's iShares Bitcoin Trust, IBIT, recorded $105 million in outflows, extending its withdrawal streak to five trading sessions. Investors pulled approximately $1.04 billion from IBIT over that period, while Bitcoin ETFs as a group lost about $1.51 billion.
Why it matters
The renewed selling shows that Wednesday's inflows did not halt a broader retreat from Bitcoin ETFs. Fidelity's FBTC had the largest daily Bitcoin fund outflow at approximately $199.9 million, a day after attracting $236.7 million. None of the 12 Bitcoin funds recorded positive net flows on Nov. 5.
Ethereum funds also faced withdrawals. BlackRock's ETHA lost $75.2 million and its staked Ethereum ETF, ETHB, shed $22 million. Together, the two accounted for nearly all of the day's Ethereum ETF outflows.
Market impact
Bitcoin fell 6.03% over 24 hours to $75,581.52, giving up its rebound above $80,000. Ethereum retreated to $2,237 after trading above $2,400 during the recovery.
The selloff coincided with a Wall Street rout that erased $3 trillion in S&P 500 market value, according to The Kobeissi Letter. The simultaneous declines in equities and crypto reversed the post-election relief rally.
Frequently asked questions
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How much did Bitcoin and Ethereum ETFs each lose on Nov. 5?
US spot Bitcoin ETFs recorded about $430.2 million in net outflows, while Ethereum ETFs lost roughly $99.9 million.
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How long had BlackRock's IBIT been losing money?
IBIT recorded outflows for five consecutive trading sessions, totaling approximately $1.04 billion over that period.
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Which Bitcoin ETF had the largest daily withdrawal?
Fidelity's FBTC recorded the largest daily Bitcoin ETF outflow at approximately $199.9 million, one day after attracting $236.7 million.
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Which funds drove the Ethereum ETF outflows?
BlackRock's ETHA lost $75.2 million and its staked Ethereum ETF, ETHB, lost $22 million. Together they accounted for nearly all of the day's Ethereum ETF outflows.
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What happened to Bitcoin and Ethereum prices during the selloff?
Bitcoin fell 6.03% over 24 hours to $75,581.52, while Ethereum retreated to $2,237 after trading above $2,400 during the recovery.
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