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21:30 GMT · Markets wrap ›

Bitcoin steadies near $77,000 as ETF outflows top $1bn in two days

MoneyTurkey editors
Bitcoin ETF outflows

By MoneyTurkey

Key points

  • US spot bitcoin ETFs lost a net $398.6m on Monday 2 November; BlackRock’s IBIT shed $405.3m, its largest daily outflow since 26 June.
  • Two-day outflows reached about $1.04bn after Friday’s $643.3m; ether ETFs lost about $140m, a sixth straight session of redemptions.
  • Bitcoin dipped to about $76,300 in European trading on Tuesday before steadying near $77,000; Binance net withdrawals since reopening reached $4.72bn.

US spot bitcoin exchange-traded funds started November in the red. Net outflows of $398.6m on Monday followed $643.3m on Friday 30 October, taking the two-session total to about $1.04bn, according to Farside Investors and SoSoValue data. BlackRock’s iShares Bitcoin Trust (IBIT) did all of the selling and more: it lost $405.3m, its biggest day out since 26 June, while Fidelity’s FBTC took in $6.7m and the other ten funds reported no flows.

Bitcoin dipped below $77,000 in Asian hours on Tuesday as the chip sell-off deepened, touched about $76,300 in the European morning and then steadied near $76,900 as US voters went to the polls for the midterm elections, CoinDesk reported. Traders are watching support around the 200-day exponential moving average near $76,455, FXStreet noted, with rising open interest alongside falling prices pointing to more bearish positioning. Long liquidations have added to the selling since last week’s Binance hack.

Ether funds fared no better: spot ether ETFs lost about $140m on Monday, almost all from BlackRock’s ETHA, after record monthly outflows of $1.61bn in October. At Binance, customers have withdrawn a net $4.72bn since the exchange reopened on Sunday, up from $3.64bn that day. Tuesday’s ETF flows, set on midterms day, are due after the US close.

Sources

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