Orhan 
The cryptocurrency market, particularly spot ETFs focused on Bitcoin (BTC) and Ethereum (ETH), faced an unexpected turn following weeks of consistent inflows. On November 14, a net outflow exceeding $400 million was recorded from U.S.-based Bitcoin and Ethereum ETFs, signaling a sudden reversal of recent positive momentum.
Significant Withdrawals from Bitcoin ETFs
Bitcoin’s price fell by 2% over the past 24 hours, dropping to $88,200 as of November 14. This price dip coincided with a massive $400.7 million net outflow from Bitcoin ETFs.
Key outflows were as follows:
– Fidelity Bitcoin ETF: $179.2 million outflow (the largest recorded).
– ARK and 21Shares Joint ETF: $161.7 million outflow.
– Bitwise Bitcoin ETF: $113.9 million outflow.
On the other hand, only two ETFs posted net inflows:
– BlackRock iShares Bitcoin Trust ETF (IBIT): $126.5 million inflow.
– VanEck Bitcoin ETF (HODL): $2.5 million inflow.
Ethereum ETFs Record First Major Outflows
Ethereum-focused ETFs also faced notable outflows for the first time during this period. ETH’s price dropped by 5%, falling below the $3,100 mark.
Key outflow data for Ethereum ETFs:
– Grayscale Ethereum ETF (ETHE): $21.9 million outflow.
– BlackRock iShares Ethereum Trust ETF (ETHA): $18.9 million inflow.
– Invesco ETH ETF: $900,000 inflow.
This resulted in a total net outflow of $3.2 million from Ethereum ETFs.
Market Sentiment Shifts After Trump’s Election Victory
Following Donald Trump’s victory in the November 5 presidential election, the cryptocurrency market experienced a significant rally. Bitcoin’s price surged from approximately $68,000 to over $93,000, marking new all-time highs. During this period, Bitcoin ETFs saw inflows of $4.7 billion, reflecting strong investor confidence.
However, recent market uncertainty and price volatility have led investors to adopt a more cautious approach, despite substantial profits over the past few weeks.
This sharp turn of events highlights the fragility of market sentiment in the face of rapid price changes and macroeconomic uncertainty.
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