PANews reported on November 24th that, according to Bloomberg, US-listed Bitcoin ETFs saw outflows of $3.5 billion this month, approaching the previous monthly record of $3.6 billion set in February 2024. BlackRock's IBIT fund saw redemptions of $2.2 billion, accounting for 60% of the total, potentially marking its worst monthly performance since its inception. This capital outflow exacerbated downward pressure on Bitcoin, with the price briefly falling to $80,553. Citi Research estimates that every $1 billion in redemptions will drag down the (spot) price by approximately 3.4%, and vice versa.PANews reported on November 24th that, according to Bloomberg, US-listed Bitcoin ETFs saw outflows of $3.5 billion this month, approaching the previous monthly record of $3.6 billion set in February 2024. BlackRock's IBIT fund saw redemptions of $2.2 billion, accounting for 60% of the total, potentially marking its worst monthly performance since its inception. This capital outflow exacerbated downward pressure on Bitcoin, with the price briefly falling to $80,553. Citi Research estimates that every $1 billion in redemptions will drag down the (spot) price by approximately 3.4%, and vice versa.
Citigroup: Every $1 billion in ETF outflows will cause Bitcoin to fall by approximately 3.4%.
PANews reported on November 24th that, according to Bloomberg, US-listed Bitcoin ETFs saw outflows of $3.5 billion this month, approaching the previous monthly record of $3.6 billion set in February 2024. BlackRock's IBIT fund saw redemptions of $2.2 billion, accounting for 60% of the total, potentially marking its worst monthly performance since its inception. This capital outflow exacerbated downward pressure on Bitcoin, with the price briefly falling to $80,553. Citi Research estimates that every $1 billion in redemptions will drag down the (spot) price by approximately 3.4%, and vice versa.
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