Key Points
- Bitcoin ETF under BlackRock recorded a capital outflow of $405.3 million on November 2nd.
- US spot Bitcoin ETF saw a total net outflow of approximately $1.04 billion over two consecutive trading days.
- BTC fell by about 2% in the past 24 hours, once approaching $76,500
The fund experienced its largest single-day outflow since June, which further exacerbated market concerns about weakening institutional demand, as Bitcoin ( BTC ) struggled to hold above the $77,000 level.
According to the data from Farside Investors, BlackRock's IBIT recorded a net outflow of $405.3 million, while Fidelity's Wise Origin Bitcoin Fund ( FBTC ) attracted a net inflow of $6.7 million. No other funds experienced either net inflow or net outflow.
Bitcoin ETF Capital Flow
On Monday, a capital outflow of $405.3 million from IBIT represented the largest single-day outflow for the fund since June, and it marked a clear reversal from its recent trend of continuous net inflows.
Meanwhile, the US spot Bitcoin ETF market recorded a net outflow of approximately $1.04 billion during the same period, erasing the positive momentum established in the last week of October.
On Friday, a total of $643.3 million was withdrawn by ETF, which is also the largest single-day outflow in the industry since June 25th.
Bitcoin price falls below $77,000
Within the past 24 hours, the price of Bitcoin has also come under pressure. This leading cryptocurrency has fallen by about 2%, breaking through the psychologically significant level of $77,000.
During the morning trading on Tuesday, BTC approached $76,600 at one point, after having fallen from above $78,000 during Monday's trading session. The cryptocurrency briefly neared $76,500.
The pressure is not limited to cryptocurrencies. Tech stocks are also facing selling pressure, and the uncertainty surrounding the U.S. mid-term elections on November 3 has also intensified market caution.
Currently, the direct support level for Bitcoin is around $76,500. If it continues to fall below this level, it may further drop to $75,000. On the other hand, if it manages to rebound above $78,000, it could help stabilize market sentiment and provide an opportunity for buyers to regain momentum.
Overall, the combination of large-scale outflows of ETF funds and the decline in Bitcoin prices indicates that institutional demand is still under pressure. Investors will continue to watch whether the IBIT of BlackRock can reverse the recent outflow trend.
