BlackRock drives $300 million Bitcoin ETF outflows

Data from SoSoValue showed Grayscale’s Bitcoin Trust (GBTC) lost a further $39.13 million. Together, IBIT and GBTC saw $308.86 million in withdrawals, partly offset by $8.96 million in new money for Morgan Stanley’s Bitcoin Trust (MSBT). Other funds recorded no net movement.

Since November 5, U.S. spot Bitcoin ETFs have lost roughly $1.44 billion. The streak began with $430.2 million in outflows on November 5 and $411.9 million the following day. Despite the withdrawals, the funds hold $93.7 billion in combined net assets, about 6.24% of Bitcoin’s market capitalization. Cumulative net inflows since their January 2024 launch remain at $55.1 billion. IBIT holds $58.71 billion in assets, followed by Fidelity’s FBTC at $12.98 billion and GBTC at $9.19 billion.

Trading volume across the Bitcoin ETFs reached $2.27 billion on November 11. IBIT accounted for $1.79 billion, while Fidelity and Grayscale recorded $229.13 million and $104.94 million, respectively.

U.S. spot Ethereum ETFs also saw withdrawals, losing $144.81 million on November 11. BlackRock’s ETHA accounted for $129.78 million, and its staking product, ETHB, lost $5.35 million. Bitwise, Fidelity and Franklin Templeton also recorded smaller outflows; no tracked fund attracted net inflows. Ethereum ETFs have now had five consecutive sessions of withdrawals, with cumulative net inflows at $11.59 billion and combined assets of about $11.65 billion.

Bitcoin was down approximately 8.3% over seven days on November 12. Its 14-day relative strength index stood at 34.37, near the oversold threshold of 30, and its MACD was negative at -1,943.19, below the -1,596.07 signal line. The price was below its 20-day EMA of $77,057 and 200-day EMA of $76,417. Support was near $72,819; resistance stood at $79,321, with $81,383 in focus if that level is cleared. Bitfinex analysts put the short-term holder cost basis at $75,717 and named November 22 as a checkpoint for a possible recovery above it.