After a bullish streak that saw six consecutive days of inflows, Spot Bitcoin ETFs witnessed a sharp reversal on November 14, recording a combined net outflow of $400.7 million. This downturn follows an election-induced rally driven by the recent pro-crypto sentiment surrounding Donald Trump’s presidential election victory on November 5.
Major Bitcoin ETF Outflows
According to data from SoSo Value, the largest outflows came from:
- Fidelity’s Bitcoin ETF, which suffered a net withdrawal of $179.2 million.
- ARK and 21Shares joint ETF, losing $161.7 million.
- Bitwise’s fund, which reported a $113.9 million outflow.
- Grayscale’s ETF products, which collectively saw $74.9 million exit.
Amid the outflows, some ETFs managed to retain investor confidence:
- BlackRock’s iShares Bitcoin Trust ETF (IBIT) recorded $126.5 million in net inflows.
- VanEck Bitcoin ETF (HODL) reported a modest $2.5 million inflow.
Market Impact and Bitcoin Price Movement
The Bitcoin rally that drove prices to an all-time high of $93,500 earlier this week has now slightly cooled, with prices dipping by 2% in the past 24 hours to trade at $88,200.
The rally, fueled by optimism around Trump’s pro-crypto policies, had earlier resulted in record-breaking inflows. On November 7, Bitcoin ETFs amassed $1.37 billion in a single day.
Ethereum ETFs Follow Suit
The reversal trend wasn’t limited to Bitcoin. Ethereum ETFs also saw a combined net outflow of $3.2 million on the same day, marking their first outflow since November 4.
Key movements include:
- Grayscale’s Ethereum ETF recorded the largest outflow of $21.9 million.
- These losses were partially offset by $18.9 million inflows into BlackRock’s iShares Ethereum Trust ETF and $900,000 into Invesco’s ETH fund.
Ethereum’s price has mirrored the downturn, dropping nearly 5% to trade below $3,100.
Crypto Market Cap Hits $3.2 Trillion Amid Record Inflows
Despite recent outflows, the global cryptocurrency market has reached a record valuation of $3.2 trillion, driven by a combination of:
- Bitcoin’s recent all-time high, doubling in value this year with a 30% surge post-election.
- Increased adoption of cryptocurrencies like Ether and Dogecoin, which have also posted substantial gains.
Last week, digital asset investment products saw inflows totaling $1.98 billion, marking the fifth consecutive week of positive investment. Year-to-date inflows have reached a record-breaking $31.3 billion, with Bitcoin leading the way, attracting $1.8 billion in fresh investments.
Analysts Anticipate Corrections Before Further Gains
While the market remains optimistic, some analysts predict short-term corrections:
- Ruslan Lienkha, Chief of Markets at YouHodler, estimates Bitcoin may dip to the $75,000–$80,000 range before resuming its bullish trajectory.
The current movements reflect an increasingly mature crypto market, driven by a mix of institutional adoption, favorable macroeconomic conditions, and growing regulatory clarity.
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