The reversal signifies the conclusion of a six-day inflow streak driven by a bullish rally in the crypto market after Trump’s victory.
On November 14, spot Bitcoin exchange-traded funds (ETFs) saw a significant reversal, with a total net outflow of $400.7 million.
This shift marks the end of a six-day inflow streak, which had been driven by a bullish rally in the crypto market following Donald Trump’s presidential election victory on November 5.
Data from SoSo Value shows that Fidelity’s Bitcoin ETF was the hardest hit, experiencing a net outflow of $179.2 million.
Additional Funds Experience Outflows
Other notable outflows included $161.7 million from the joint ARK and 21Shares ETF, and $113.9 million from Bitwise’s fund.
Grayscale’s ETF products collectively saw $74.9 million in outflows.
In contrast, BlackRock’s iShares Bitcoin Trust ETF (IBIT) attracted $126.5 million in net inflows, while the VanEck Bitcoin ETF (HODL) recorded a modest $2.5 million inflow.
These outflows follow a post-election rally that boosted Bitcoin’s price by around 30%, driven by market optimism over Trump’s pro-crypto policies and promises for economic growth.
This surge had previously led to record inflows, with Bitcoin ETFs pulling in $1.37 billion on November 7 alone.
Meanwhile, Bitcoin’s price also experienced a slight decline, dropping 2% in the past 24 hours to $88,200 after peaking at nearly $93,500 earlier in the week.
Ethereum ETFs also followed the reversal trend, experiencing a combined net outflow of $3.2 million.https://x.com/Crypto_Crib_/status/1857295214404145421?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1857295214404145421%7Ctwgr%5Ec3ce827cedd7abc25eebc99951251358b690ebde%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fcryptonews.com%2Fnews%2Fbitcoin-spot-etfs-see-401m-outflow%2F
This marks the first outflow since November 4, ending a nearly $800 million inflow streak. Ethereum’s price mirrored this trend, dropping almost 5% to fall below $3,100.
Grayscale’s Ethereum ETF saw the largest outflow, with $21.9 million leaving the fund, offset by inflows of $18.9 million into BlackRock’s iShares Ethereum Trust ETF and $900,000 into Invesco’s ETH fund.
Last week, digital asset investment products saw strong inflows of $1.98 billion, marking the fifth consecutive week of gains.
This influx brings the year-to-date total to a record $31.3 billion, according to a recent CoinShares report.
As a result, global assets under management have reached a new high of $116 billion.
Bitcoin led the inflow surge with $1.8 billion, driven by a favorable macroeconomic climate and recent political shifts in the U.S.
Crypto Market Cap Soars to $3.2 Trillion
The global cryptocurrency market has reached a record valuation of $3.2 trillion, fueled by Donald Trump’s recent election as U.S. president and growing expectations of more favorable regulations.
This milestone comes as Bitcoin hits a new all-time high of $93,480, doubling in value this year and rising 30% since the U.S. election.
Other cryptocurrencies, such as Ether and Dogecoin, have also seen significant gains.
The renewed optimism in the crypto market is partly attributed to the election of pro-crypto lawmakers and indications that financial institutions are increasing their investments via crypto exchange-traded funds.
Despite Bitcoin’s strong performance, some analysts are forecasting potential short-term corrections.
Ruslan Lienkha, Chief of Markets at YouHodler, predicts Bitcoin could dip to the $75,000–$80,000 range before continuing its upward momentum.