Spot Bitcoin ETFs Attract $541M in a Day

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US-based Bitcoin exchange-traded funds (ETFs) yesterday saw a total of $541 million in net outflows, the highest since May 1st and the second-highest since the ETFs began trading in January.

This follows a week of significant inflows, with the ETFs receiving a total of $2.22 billion, one of the largest weekly net inflows.

According to Rachael Lucas, a crypto analyst at BTCMarkets, this could be a result of investors taking profits and rebalancing their portfolios in anticipation of market volatility, especially with the upcoming US election results and the current geopolitical and policy uncertainties.

Among the eight spot Bitcoin ETFs that experienced net outflows, Fidelity’s FBTC had the largest at $169.6 million, its second-largest daily net outflow since its launch.

Similarly, ARK and 21Shares’ ARKB saw $138.26 million in net outflows, while Bitwise’s BITB had $79.84 million.

Grayscale’s GBTC and Mini Bitcoin Trust also recorded outflows of $63.66 million and $89.49 million, respectively. Other ETFs, such as those from Franklin Templeton, VanEck, and Valkyrie, also saw net outflows on Monday.