Key takeaways
- US spot Bitcoin ETFs recorded $47.7 million in net outflows on Nov. 12
- BTC plunged nearly 5% over 24 hours
- Investors are watching for signs of renewed buying demand to reverse the selloff
US spot Bitcoin exchange-traded funds (ETFs) extended their losing streak on Nov. 12, after recording approximately $47.7 million in net outflows. This happened as Bitcoin's price came under renewed selling pressure.
According to Farside Investors ETF flow data, the withdrawals were the sixth consecutive trading session of net outflows.
The continued decline in institutional investment coincided with a sharp crypto market selloff, which pushed Bitcoin below the psychologically important $70,000 level.
Bitcoin ETFs Record Sixth Consecutive Day of Outflows
Bitwise's Bitcoin ETF (BITB) experienced the largest withdrawals on Nov. 12 after losing $26.4 million. This was followed by ARK 21Shares' ARKB, which recorded $18.5 million in outflows, while VanEck's HODL saw another $6.1 million leave the fund.
Bitcoin ETF flows (Source: Farside Investors)
Morgan Stanley's Bitcoin ETF (MSBT) was among the few positive performers, and attracted approximately $3.3 million in fresh capital.
The latest figures followed much larger withdrawals of $299.8 million on Nov. 11 and $95 million on Nov. 10. Nov. 5 and Nov. 6 were particularly difficult sessions, with investors withdrawing $430.2 million and $411.9 million, respectively.
Bitcoin Price Falls Below $70,000
Bitcoin's price also suffered major losses over the past 24 hours, and fell nearly 5% on Friday. At press time, the crypto king was trading hands at $69,286.
The cryptocurrency briefly traded below $68,000, extending its decline after losing the $70,000 support level for the first time since August.
The latest selloff coincided with broader uncertainty in financial markets, as investors responded to weakness in technology stocks and new concerns about tighter Federal Reserve monetary policy.
