Bitcoin exchange-traded funds (ETFs) in the United States have experienced a significant daily outflow of $54.94 million as of November 1st, according to the latest data from SoSoValue. This outflow is a cause for concern among investors, as it indicates a lack of confidence in the market. In contrast, Ethereum ETFs also saw a negative outflow of $10.93 million during the same period.
Among the various Bitcoin ETFs, IBIT had a one-day net inflow of $0, with a cumulative net inflow of $26.14 billion. On the other hand, GBTC recorded a $5.51 million outflow, bringing its cumulative net inflow to -$20.16 billion. Additionally, FBTC, ARKB, and BITB showed net outflows of $25.64 million, $24.13 million, and $5.64 million, respectively.
The Grayscale Bitcoin Mini Trust was the only ETF that experienced an inflow of $13.51 million, bringing its cumulative net inflow to $502.07 million. Despite this positive inflow, the majority of Bitcoin ETFs reported outflows, resulting in a cumulative total net inflow of $24.15 billion as of November 1st.
When it comes to Ethereum ETFs, the outflow of $10.93 million raises concerns about the market sentiment towards the digital asset. The cumulative total net inflow for Ethereum ETFs stood at -$491.44 million, with ETHE being the only ETF to record an outflow of $11.43 million, bringing its cumulative net inflow to -$3.13 billion. Other ETFs such as ETHA, ETH, FETH, ETHW, ETHV, and EZET reported no inflow or outflow during this period.
Despite the poor inflow of funds into ETFs, the overall cryptocurrency market cap has seen a significant drop to $2.32 trillion. Bitcoin’s price has fallen to $69,400, while Ethereum has dipped to $2,490 at the time of reporting. These price fluctuations may be contributing to the lack of confidence among investors, leading to the outflows observed in the ETF market. Investors are advised to closely monitor market trends and consider the implications of these outflows on their investment portfolios.
