$6 Billion Meltdown: The Crypto ETF Crash Wall Street Didn’t See Coming
U.S. spot crypto-ETFs, particularly those loaded with Bitcoin (CRYPTO: BTC), are experiencing one of their largest drawdowns on record, with billions of dollars shaved from fund flows in just a few weeks.
- IBIT is in the news this week. Track its prices here.
According to recent data by SoSoValue, U.S. spot Bitcoin ETFs logged around $869.9 million in net outflows on Nov. 13, the second largest single-day exodus since inception. The outflows have only accelerated. So far in November, the total redemptions from spot bitcoin funds have now crossed $3.7 billion, per SoSoValue data, marking the worst month to date for Bitcoin ETFs.
Also, Bloomberg Intelligence data aggregated by Barchart shows that $6 billion has vanished from the crypto ETF universe in November thus far, and there are still a few days left in the month.
Ripple effects are beginning to show in Bitcoin’s price action, which is sharply down (21% month-to-date), and investor sentiment is decidedly risk-off as large volumes head out.
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