Bitcoin and Ethereum ETFs together lost $530 million in one day as a Wall Street rout erased crypto’s recent gains. The losses broke a brief recovery that followed the US midterm elections.
Bitcoin ETFs recorded $430.23 million in withdrawals, while Ethereum ETFs lost $99.98 million. BlackRock’s iShares Bitcoin Trust (IBIT) alone saw $105 million in outflows. That marked BlackRock’s fifth consecutive day of ETF withdrawals. Over five trading sessions since Oct. 30, all US spot Bitcoin ETFs combined lost roughly $1.51 billion.
Fidelity’s FBTC suffered the heaviest single-day loss at $199.87 million. Grayscale’s GBTC lost $49.9 million, while Franklin Templeton’s EZBC and VanEck’s HODL lost $32.92 million and $23.64 million respectively. None of the 12 Bitcoin funds recorded positive flows on Thursday.
Ethereum ETFs faced similar pressure. BlackRock’s ETHA lost $75.2 million and its staked ETHB lost $22 million. Fidelity’s FETH shed $2.24 million. The combined $99.9 million outflow pushed Ethereum ETFs to $272 million in November losses.
The ETF withdrawals reversed a Wednesday recovery when the two categories attracted a combined $127.6 million. That gain came as markets welcomed the election outcome. Bitcoin briefly rose above $80,000 before falling 6.03% to $75,581.52. Ethereum dropped to $2,220 after trading above $2,400.
The crypto selloff coincided with a Wall Street rout described by Donald Trump as one of the stock market’s “worst days in history.” The Nasdaq 100 suffered its steepest decline since the pandemic. The S&P 500 shed $3 trillion in market value amid concerns that Democratic control of Congress could lead to restrictions on artificial intelligence infrastructure.
According to The Kobeissi Letter, markets worry AI regulation could hurt crypto-related companies. Bitcoin ETFs now sit at $869.8 million in net November outflows, extending pressure from late October.
The election uncertainty has faded fast. Markets that cheered Democratic control now fear tighter regulation. Crypto investors face a new reality of higher risk and lower liquidity. The ETF outflows show institutional investors are retreating from digital assets.
Ethereum’s security issues add to investor concerns. The Ethereum Foundation issued new contract security guidance after findings from the Glamsterdam conference. Developers must now run additional checks on smart contracts. This comes as crypto faces broader regulatory scrutiny.
Traders watch key support levels. Bitcoin tests $75,000, while Ethereum looks at $2,200. XRP trades near $1.20, with $1 as a critical level. Cardano holds above $0.18, and Binance Coin watches $690 support. HYPE remains the worst performer after falling 17%.
The crypto market now waits for signs of stability. ETF flows could reverse if Wall Street finds a bottom. However, broader market uncertainty suggests more volatility ahead. Investors must prepare for continued turbulence in both traditional and digital markets.