🩸 Historical Hemorrhage
Bitcoin Funds Head for Their Worst Month with Record Withdrawal of $3.5 Billion
The Exchange-Traded Funds (ETFs) that invest directly in #bitcoin in the United States are on track to record their worst month of capital outflows since their inception nearly two years ago. This massive withdrawal is putting significant and palpable pressure on a cryptocurrency market that was already showing signs of exhaustion.
Figures from November's De-Leveraging
Total Monthly Outflow: Investors have withdrawn $3.5 billion from #etfbtc so far in November.
Record in Sight: This figure is about to surpass the previous monthly outflow record set in February at $3.6 billion.
The #IBIT of #blackRock Leads the Exodus
The most affected fund and, in turn, the largest by assets, is BlackRock Inc.'s IBIT, which represents approximately 60% of the total assets of the ETF group:
Impact on BlackRock: The IBIT has recorded $2.2 billion in redemptions just in November.
Outlook: Unless a strong and unlikely trend reversal occurs in the last days of the month, the IBIT will also set a new personal record for monthly outflows.
