BlackRock Sees Largest Single-Day Outflow, But Bitcoin ETFs Post $622 Million Gains

espite facing its largest outflow to date, BlackRock’s IBIT Bitcoin ETF remains a part of a resilient market for Bitcoin ETFs, which saw a surge in inflows on November 6. U.S. spot Bitcoin ETFs broke a three-day losing streak with $622 million in net inflows, a positive sign for the market amid some turbulence.

Key Takeaways:

• U.S. Bitcoin ETFs attracted approximately $622 million in net inflows on November 6, ending a losing streak.

• BlackRock’s IBIT saw a significant $69 million in outflows, marking its largest single-day drop since launch.

• Other major Bitcoin ETFs, including Fidelity’s FBTC and ARK Invest’s ARKB, led the charge with strong inflows.

Bitcoin ETFs Show Resilience Amid Market Volatility

U.S. spot Bitcoin ETFs demonstrated resilience on November 6, with net inflows of $622 million, effectively reversing a three-day decline. This came despite a notable outflow from BlackRock’s IBIT, which recorded its largest single-day outflow since its inception.

BlackRock’s IBIT was one of the biggest stories of the day, experiencing a surprising $69 million in outflows, even though the ETF saw record-breaking trading volumes early in the day. The ETF had traded over $1 billion worth of shares within the first 20 minutes of market opening, marking its highest trading-volume day, according to Bloomberg ETF analyst Eric Balchunas. However, as Balchunas pointed out, despite the heavy trading volume, it did not translate into capital inflows into the fund.

Other Bitcoin ETFs Surge with Strong Inflows

While IBIT faced a setback, several other Bitcoin ETFs showed impressive growth. Fidelity’s FBTC led the pack, seeing nearly $309 million in net buying, followed by ARK Invest’s ARKB, which garnered approximately $127 million.

Other funds like Grayscale’s BTC and Bitwise’s BITB also saw strong performances. Grayscale’s low-cost GBTC variant recorded around $109 million in net inflows, marking its second-largest daily performance since launch. Meanwhile, BITB posted its best single-day result since February, with $101 million in new capital. Grayscale’s flagship GBTC ETF recorded about $31 million in net inflows, while VanEck’s HODL saw $17 million.

These inflows showcase investor confidence in Bitcoin ETFs, even amid challenges faced by some funds like BlackRock’s IBIT. With continued growth and diversification in Bitcoin ETF offerings, the market for cryptocurrency-based financial products remains vibrant and resilient.