Editor's PiCK
Bitcoin spot ETF sees $3.79 billion net outflow so far this month…"largest on record"
Summary
- In November, Bitcoin spot ETFs saw net outflows of $3.79 billion, marking the largest ever.
- In particular, the single BlackRock IBIT ETF had $2 billion in net outflows this month.
- JPMorgan analyzed that these spot ETF net outflows are a major factor in Bitcoin's decline.
Net outflows from Bitcoin (BTC) spot exchange-traded funds (ETFs) are intensifying.
According to crypto asset (cryptocurrency) specialist media CoinDesk on the 21st (Korea time), Bitcoin spot ETFs saw a total net outflow of $3.79 billion during November. This exceeds the $3.56 billion recorded in February. Even though November is not over, it recorded the largest monthly net outflow on record.
The largest Bitcoin spot ETF, BlackRock IBIT, alone saw $2 billion in net outflows so far this month. Also, the previous day saw $900 million in net outflows from Bitcoin spot ETFs, marking the second-largest daily net outflow on record.
Investment bank JPMorgan analyzed the ETF net outflows as a major factor in Bitcoin's decline. In a report, JPMorgan said, "The October correction was due to large-scale deleveraging by crypto-native investors in the perpetual futures market, but in November that deleveraging stabilized," adding, "The ongoing downturn across the crypto market is now being driven by non(非) crypto individual investors using spot ETFs."
Uk Jin
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