Bitcoin at $77,111 after $1bn leaves spot ETFs
In short
- US spot Bitcoin ETFs: net outflows of $643.2m on 30 October and $398.6m on 2 November, about $1.04bn in total (Farside via NewsBTC).
- At 06:53 a.m. Bitcoin is $77,111: +0.3% in 24 hours and −5.5% in a week.
- AMD beat estimates and guided above consensus; the shares rose more than 7% after the close.
At 06:53 a.m. Sofia time Bitcoin is about $77,111, and US spot Bitcoin ETFs have seen outflows on two straight trading days. US stocks open at 16:30 Sofia time.
What happened
According to Farside Investors, cited by NewsBTC, US spot Bitcoin ETFs recorded net outflows of $398.6 million on 2 November, the second straight trading day. About $405.3 million left BlackRock’s IBIT, while Fidelity’s FBTC took in about $6.7 million. On 30 October the outflow was $643.2 million. That is about $1.04 billion over the two days. The total does not include 3 November.
At 06:53 a.m. Sofia time Bitcoin costs $77,111, +0.3% in 24 hours and −5.5% in a week. Ethereum is $2,270 (−4.6% in a week). Solana (−10.4% in a week) is the weakest of the top five coins in HawkValue’s table.
The US midterm elections are not over. According to ATFX Capital, the result could affect rules for technology and crypto companies.
AMD reported third-quarter results: revenue of $13.38 billion (expected $13.06 billion), earnings of $2.09 a share (expected $1.94) and data-center revenue of $8.55 billion. Its fourth-quarter guidance is about $17 billion, plus or minus 3%, against a consensus of $16.23 billion, Investing.com reports. The shares rose more than 7% after the close; on Tuesday they finished at $483.90 (+3.7%).
US stocks open at 16:30 Sofia time, and ISM services data follows at 17:00.
What it means for you
The maths: $1,000 buys 0.0130 BTC at this price. If you had held $1,000 in Bitcoin a week ago, it would be worth about $945 today. The outflow of about $1.04 billion is equivalent to roughly 13 500 BTC at today’s price.
Three things are worth watching at 16:30 Sofia time: whether Farside’s 3 November data show an outflow or an inflow, how AMD and other chip stocks open, and what the election results say.
See also: live crypto prices and stock prices.
Bottom line
Two days of ETF outflows and a weekly drop of about 5% are facts, not a forecast. The next Farside data and the Wall Street open will show whether the pressure continues.
Sources: NewsBTC (Farside Investors) · Investing.com · ATFX Capital · HawkValue data at 06:53 a.m.
For information only. This is not investment advice.
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