Loss Outcome: Cryptocurrency ETFs See First Outflows Since Trump Election
Date: 2024-11-15 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
U.S. Bitcoin and Ethereum spot ETFs have seen their first net outflows since Donald Trump was elected president on Nov. 5. On Thursday, the 11 funds tracked by Farside Investors collectively saw outflows of $400.7 million. That same day, Bitcoin (BTC) was down 2% in a day, falling to $88,200.
Despite the overall trend, two funds were able to maintain inflows: BlackRock’s iShares Bitcoin Trust ETF attracted $126.5 million, while the VanEck Bitcoin ETF saw a small inflow of $2.5 million.
The largest outflow was recorded at the Fidelity fund, where investors withdrew $179.2 million. The joint fund of ARK and 21Shares lost $161.7 million, and the Bitwise fund recorded an outflow of $113.9 million. In turn, Grayscale funds, including their mini-ETFs, lost $74.9 million.
This was the first outflow since the 2016 election, which triggered a major rally in the crypto market. Trump's victory then became the catalyst for a significant rally, thanks to which Bitcoin reached a peak of $93,500 on November 13.
