Bitcoin ETFs record total daily outflow of $54.94 million as BTC hovers at $69K

As of November 1, the U.S. Bitcoin spot exchange-traded funds (ETFs) reported a notable daily outflow of $54.94 million, while Ethereum ETFs similarly faced a significant outflow of $10.93 million during the same period.

Recent data provided by SoSoValue indicates that the U.S. Bitcoin spot ETFs recorded this outflow on November 1, resulting in a one-day net inflow for IBIT of $0. Over the long term, the cumulative net inflow for IBIT stands at an impressive $26.14 billion.

On the other hand, the Grayscale Bitcoin Trust (GBTC) experienced an outflow of $5.51 million, which has brought its cumulative net inflow down to -$20.16 billion. Furthermore, other funds such as FBTC, ARKB, and BITB exhibited net outflows of $25.64 million, $24.13 million, and $5.64 million, respectively, reflecting a broader trend in the market.

The Grayscale Bitcoin Mini Trust is the sole fund to have experienced an inflow, totaling $13.51 million, which has increased its cumulative net inflow to $502.07 million as of November 1.

In contrast, most Bitcoin ETFs have predominantly reported outflows rather than inflows. As of the same date, the overall cumulative net inflow for all Bitcoin ETFs stands at approximately $24.15 billion.

Ethereum ETFs record $10.93 million in outflow

In comparison to Bitcoin ETFs, Ethereum ETFs also experienced a negative outflow, totaling $10.93 million. According to data from SoSoValue, the cumulative total net inflow for Ethereum ETFs now stands at -$491.44 million.

Notably, ETHE is the only Ethereum ETF to report an outflow of $11.43 million, resulting in a cumulative net inflow of -$3.13 billion. Other ETFs, including ETHA, ETH, FETH, ETHW, ETHV, and EZET, reported no activity, maintaining a net inflow and outflow of $0.

On a more positive note, QETH saw an inflow of over $502,000, raising its cumulative net inflow to $25.82 million. These figures come during a time when the overall crypto market cap has declined to $2.32 trillion. As of the latest update, Bitcoin’s price has fallen to around $69,400, while Ethereum has decreased to approximately $2,490.