BlackRock Suffers Biggest Hit as Bitcoin ETF Outflows Persist for Third Straight Day

Highlights:

• BlackRock suffers biggest hit as Bitcoin ETF woes enter a third consecutive day.
• FBTC topped the most recent flow data losses chart as the Bitcoin commodities succumbed to losses worth over $100 million.
• Trump’s election victory fuels BTC’s massive rally to establish a new peak value.

On November 5, BlackRock Bitcoin ETF (IBIT) suffered its most devastating outflows since BTC ETF’s inception. The outflow from IBIT contributed to the ETFs’ recent unimpressive trends, with the commodities succumbing to their third consecutive day of incurring losses. According to Farside data, IBIT witnessed about $44.2 million in outflows. Consequently, Bitcoin’s eleven ETF entities welcomed roughly $116.8 million in net losses.

Since its inception, IBIT has been renowned for its massive profitable contributions to Bitcoin ETFs. For context, it boasts the highest cumulative net inflows with a remarkable $26.13 billion input. Before BlacRock’s most recent outflow contribution, the last time the entity witnessed significant losses was on May 5, 2024.

On the said date, IBIT registered about $36.9 million in outflows. Hence, it corroborates the initial claim, which portrayed yesterday’s IBIT flow figure as the commodity’s worst outing.

Citing a potential reason for the persistent outflows, WhalePanda, a crypto market expert, noted that investors withdrew to avert risks that could emanate from the US presidential election outcome. The market expert wrote: “They went risk off for the election, and now that Trump is looking to win, BTC’s price went from $69k to $75k.”

Meanwhile yesterday's Bitcoin ETF flows were negative for $116.8 million.

Blackrock had $44.2 million of outflows, their biggest yet. Fidelity $68.2 million.

They went risk off for the election and now that Trump is looking to win price went from $69k to $75k. Not much more to… pic.twitter.com/lnP3JgXUMe

— WhalePanda (@WhalePanda) November 6, 2024

BTC ETFs Latest Outing Comprehensive Data

Meanwhile, aside from IBIT, six other commodities were active yesterday. Five joined BlackRock in contributing losses, while only Bitwise Bitcoin ETF (BITB) registered gains at about $19.3 million. In losses, Fidelity Bitcoin ETF (FBTC) topped the charts with approximately $68.2 million in outflows.

Other entities that encountered losses include ARK 21Shares Bitcoin ETF (ARKB), Franklin Bitcoin ETF (EZBC), VanEck Bitcoin ETF ((HODL), and Valkyrie Bitcoin ETF (BRRR). They recorded losses of about $12.5 million, $6 million, $3.9 million, and $1.3 million, respectively. With the latest flow input, the total cumulative net inflows dropped slightly to about $23.5 billion.

Meanwhile, Sosovalue data revealed that despite the outflows, Bitcoin ETFs’ total value traded and net assets spiked considerably. The variables are worth $2.39 billion and $69.28 billion, respectively. The net assets valuation represents 5.04% of Bitcoin’s market capitalization.

Trump’s Election Victory Fuels Bitcoin Massive Rally Despite ETF Outflows

At the time of writing, the entire crypto market is displaying a 5.5% upswing in a 24-hour interval. As expected, Bitcoin mirrored the increment with a more pronounced price breakout. The flagship cryptocurrency has surged by 6.8% over the past 24 hours, with about $73,500 in selling price.

Amid its latest rally, BTC attained a new all-time high (ATH) after breaking above the former $73,700 peak price. The past 24 hours saw the token fluctuate between minimum and maximum price levels, ranging between $68,603.80 and $75,358.70. The $75,358.70 price level became BTC’s peak price.

#Bitcoin has just set a new all-time high, surpassing its previous record of $73.77K! pic.twitter.com/MzmReCsIbI

— Binance (@binance) November 6, 2024

Moreover, following Donald Trump’s victory at the polls, the crypto community seems confident about BTC’s massive appreciation potential. Several renowned crypto market experts and influencers have taken to various social media handles, especially X, to voice their convictions on Bitcoin’s bullish future.

In a tweet that has attracted considerable attention, evidenced by tremendous engagements, Vivek projected that he envisages BTC at $100K tomorrow. Sharing in the same euphoria, Gordon, another crypto chief who appeared pleased with Trump’s victory, posted a similar tweet, projecting Bitcoin to $100K.

#Bitcoin will hit $100K tomorrow 🇺🇸

Like, if you agree 🚀 pic.twitter.com/G2CIdnb9DA

— Vivek⚡️ (@Vivek4real_) November 6, 2024