BlackRock's Bitcoin ETF Sheds Record $463M as Crypto Funds See Worst Week Since February

BlackRock's Bitcoin ETF experienced a staggering outflow of $463 million on November 14, marking the largest single-day withdrawal for the fund. Overall, global crypto exchange-traded products (ETPs) recorded $2 billion in outflows last week, the most significant decline since February. A startling 97% of these redemptions originated from U.S. funds. Despite a general market downturn driven by macroeconomic uncertainty, Germany's crypto market saw a slight inflow of $13.2 million, indicating some investors viewed price drops as buying opportunities. The total assets under management in digital asset ETPs fell to $191 billion from a peak of $264 billion earlier in October. Analysts suggest that ETF flows are highly sensitive to macroeconomic factors, with outflows likely to maintain momentum if negative employment data or hawkish approaches from the Federal Reserve persist. Conversely, any favorable policy developments could foster a rebound in market sentiment. The article also highlights that Bitcoin and Ethereum ETPs were significantly impacted, further emphasizing current market dynamics.

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