US spot Bitcoin funds record large outflows at start of November
Image: CointelegraphUS spot Bitcoin exchange-traded funds recorded $398.6 million in net outflows on Monday. BlackRock's iShares Bitcoin Trust led the withdrawals with $405.3 million leaving the fund. This marked the largest single-day outflow for the fund since June 26. Fidelity's Wise Origin Bitcoin Fund partially offset the losses by attracting $6.7 million in inflows. The withdrawals followed a massive hack on Binance.
Key points
- US spot Bitcoin exchange-traded funds recorded $398.6 million in net outflows on Monday.
- BlackRock's iShares Bitcoin Trust shed $405.3 million on Monday.
- The $405.3 million outflow was the largest single-day withdrawal for IBIT since June 26.
Why it matters
Exchange-traded fund outflows reflect client redemption decisions rather than proprietary asset manager sales. These withdrawals impact market liquidity as coins move out of funds.
Price context · BTC
At publication
$76,971.00
Now
$77,292.00
Change since
+0.42%
7 days · dashed line = publication
Sources · 2 publishers
BeInCrypto
Tier 2
Is BlackRock Selling Bitcoin? What's Really Behind the $405 Million IBIT Outflow
Coverage timeline
- First reported by Cointelegraph
- Also reported by BeInCrypto
- CryptoVideos brief published
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