The U.S. spot Bit coin ETF reported a net outflow of $541 million on Monday, while last week was the largest net inflow week.
As the market is waiting for the results of the U.S. presidential election, the price of Bit coin has been fluctuating around $68,000 over the past day.
The U.S. spot Bit coin exchange-traded fund had a net outflow of $541 million on Monday, the largest single-day net outflow since May 1, and the second largest negative outflow since trading began in January.
Last week, the ETF saw inflows of $2.22 billion, setting a new record for the largest weekly net inflow.
Rachael Lucas, a crypto analyst at BTCMarkets, said, "After last week's record inflows, some rebalancing is expected as investors take profits and adjust their portfolios to cope with market volatility." "The timing may coincide with the upcoming U.S. election results, as many market participants take a 'wait-and-see' stance amid heightened geopolitical and policy uncertainty."
Yesterday, 8 Bit coin spot ETFs saw net outflows, with Fidelity's FBTC seeing a net outflow of $169.6 million. SoSoValue data shows that Monday was also the second largest single-day net outflow since FBTC's listing.
Ark and 21Shares' ARKB saw a net outflow of $138.26 million, and Bitwise's BITB saw a net outflow of $79.84 million. Grayscale's GBTC and Mini Bit coin Trust also saw net outflows of $63.66 million and $89.49 million, respectively. Franklin Templeton, VanEck, and Valkyrie's funds also saw net outflows on Monday.
The only one to see a net inflow yesterday was BlackRock's IBIT, which is the largest Bit coin spot ETF by net assets, with a net inflow of $38.42 million.
Yesterday, the trading volume of 12 Bit coin ETFs was about $2.22 billion, compared to $3.09 billion on last Friday. Their cumulative net inflows totaled $23.61 billion.
"Looking ahead, ETF flows may be influenced by the election results," Lucas told The Block. "If the election results indicate a political environment favorable to crypto, we may see funds flow back in and a bullish shift in market sentiment. However, if there are signs of increased regulatory scrutiny, especially with a Democratic victory, we may see further outflows as investors take a cautious stance."
According to The Block's Bit coin price page, the price of Bit coin has been fluctuating around $68,000 over the past 24 hours, although at the time of writing, the Bit coin price appears to have stabilized around $68,500. The announcement of the U.S. presidential election results will be followed by a Federal Open Market Committee meeting.
Ether ETF net outflows hit six-week high
Meanwhile, the spot Ether ETF also saw net outflows on Monday, with $63.22 million in outflows, the largest single-day net outflow since September 23.
The outflows were mainly from Fidelity's FETH and Grayscale's Mini Ether Trust, with both funds seeing outflows of over $31 million. Grayscale's ETHE also saw a net outflow of $10.8 million. BlackRock's ETHE was the only one to see a net inflow on Monday, with a net inflow of $11 million.
The trading volume of 9 spot Ether ETFs shrank from $169.11 million last Friday to $149.11 million yesterday, with a cumulative net outflow of $554.66 million.
