Bitcoin ETFs lost $430.2 million on Nov. 5, according to Farside Investors, after taking in $74.6 million the day before. Fidelity’s FBTC led withdrawals at $199.9 million, followed by BlackRock’s IBIT at $105 million. Across the five sessions from Oct. 30 through Nov. 5, the funds recorded about $1.51 billion in net outflows.
Ether ETFs shed $99.9 million on Nov. 5 after receiving $53 million a day earlier. BlackRock’s ETHA accounted for $75.2 million of the latest withdrawals, while $22 million left ETHB.
Cobeljic told crypto.news that ETF flows and corporate Bitcoin purchases provide clearer evidence of institutional adoption than futures activity, which can reflect trades that do not depend on prices rising. Asked which indicator would persuade him that institutional demand could sustain gains into 2027, he replied: “Simply put, ETH flows.” He said continued outperformance would depend on capital rotating from assets such as gold and artificial intelligence equities, and argued that institutional-scale flows are needed for the market to grow meaningfully.
He cautioned that futures positioning can be misleading. A genuinely directional bullish market, he said, would show an expanding basis—the premium of futures over spot prices. Recently, that premium has remained low even during rallies, which he interpreted as a sign that arbitrage and basis trades, rather than outright bullish bets, account for much of the activity.
Cobeljic also pointed to increased demand for downside protection amid rising U.S. long-term yields, a stronger dollar and election uncertainty. He said options skew for Bitcoin and Ether had shifted toward puts, which can protect against falling prices. “Once the existing investor base is well protected, the asymmetry for a move higher improves considerably,” he said. He described corporate purchases as long-term treasury decisions, distinct from venture funding, which reflects investment in innovation and has a different risk profile.
Comments (0)
No comments yet. Be the first!