Bitcoin Spot ETF Outflows Hit $54.9M, First Decline in 7 Days

Key Points:

• Bitcoin Spot ETF Outflows reached $54.9M on November 1, marking the first decrease after a week of inflows.
• Both Bitcoin Spot ETF and Ethereum Spot ETF experienced notable outflows, indicating a shift in investor sentiment.

Bitcoin Spot ETF Outflows Hit $54.9M on Nov 1, marking the first decline in a week. Ethereum Spot ETF also saw outflows, totaling $10.92M.

Bitcoin Spot ETF Outflows: First Decline After 7-Day Inflow

The Bitcoin Spot ETF saw net outflows of $54.9 million on Nov. 1, the first outflow in the last week after its steady inflows. The price drop has sparked debate among investors, with the record date showing outflows that could indicate a shift in sentiment or market conditions. In general, an inflow indicates increased interest; however, this reversal might imply profit-taking in the short term or that the market is cautious, according to Sosovalue.

The Bitcoin Spot ETF outflow comes amidst a turbulent period in which digital assets have remained under pressure, with investors yet to shake off the macroeconomic factors and regulatory uncertainties that continue to impact their decisions. Curiously, it rhymes with Ethereum Spot ETF’s trend, which also recorded a negative outflow of $10.92 million on the same day. These changes in fund flows could suggest a potential retreat in interest from crypto ETFs, at least for the short term.

Read more: Bitcoin Spot ETF Inflows Drop to Weekly Low of $32 Million