Bitcoin and Ethereum ETFs post $530 million in outflows as Wall Street sells off
In brief
- Bitcoin ETFs shed $430.2 million and Ethereum ETFs $99.9 million on Nov. 5, per Farside data.
- None of the 12 US spot Bitcoin ETFs recorded positive net flows on Thursday.
- BlackRock's IBIT logged its fifth straight session of outflows, totaling about $1.04 billion.
- Bitcoin fell 6.03% to $75,581.52 as of CryptoSlate's press time.
Bitcoin funds: no green on the board
Bitcoin ETFs lost $430.2 million on the day, per Farside's rounded totals (CryptoSlate notes that any further precision is unverified). None of the 12 US spot Bitcoin funds posted positive net flows. Six had nonzero flows; the other six reported zero.
Fidelity's FBTC led the selling at $199.87 million. That's one day after it took in $236.7 million. BlackRock's IBIT lost $105 million, its fifth straight session of outflows, and investors have pulled about $1.04 billion from the fund over that stretch (including $405.3 million on Nov. 2 alone). Grayscale's GBTC shed $49.9 million, while Franklin Templeton's EZBC and VanEck's HODL lost $32.92 million and $23.64 million.
Cumulative net outflows across all US spot Bitcoin ETFs reached about $1.51 billion over the five sessions since Oct. 30, despite a brief return to inflows on Wednesday. The group's November net outflows now sit at $869.8 million.
Ethereum ETFs: BlackRock does most of the selling
Ethereum funds lost $99.9 million, and BlackRock accounted for nearly all of it. Its ETHA fund lost $75.2 million and its staked Ethereum ETF, ETHB, recorded $22 million in outflows, while Fidelity's FETH lost $2.24 million. November net outflows for Ethereum ETFs are now about $272 million, even after a $53 million inflow on Wednesday.
That Wednesday was the bright spot: the two categories took in a combined $127.6 million as investors welcomed the end of uncertainty around the midterm elections, CryptoSlate reported.
It didn't last.
Prices and the equity rout
Bitcoin fell 6.03% over 24 hours to $75,581.52 as of CryptoSlate's press time, giving up a rebound above $80,000 that followed the Democratic Party's sweeping congressional victory. Ethereum dropped to $2,237 after trading above $2,400 during the recovery.
The drop came as Wall Street sold off; CryptoSlate reported that President Donald Trump called it one of the stock market's “worst days in history.”
The Kobeissi Letter, as cited by CryptoSlate, said the Nasdaq 100 had its steepest one-day decline since the 2020 pandemic. It also said the S&P 500 lost $3 trillion in market value amid concerns that Democratic control of Congress could lead to restrictions on AI infrastructure development.
