Spot Bitcoin ETFs See Second-Highest Outflows As Mt. Gox Moves $2.2 Billion In BTC Ahead Of US Election

Spot Bitcoin ETFs registered their second-largest daily outflows on record as Mt. Gox transferred BTC worth $2.2 billion to unmarked addresses as the US election looms.

The 11 spot Bitcoin ETFs saw $541.1 million leave their reserves on Nov. 4, according to Farside Investor data. Only the fund belonging to asset management titan BlackRock managed to record inflows on the day, securing inflows of $38.4 million. Invesco’s BTCO and WisdomTree’s BTCW recorded no new flows.

Most of the outflows came from Fidelity’s FBTC, with $169.6 million leaving the fund. ARKB suffered the next biggest blow with $138.3 million in outflows. Meanwhile, both of Grayscale’s spot Bitcoin ETFs, GBTC and BTC, posted outflows of $63.7 million and $89.5 million, respectively.

Record outflow day for Bitwise, Ark and the Grayscale Mini today https://t.co/mi5P64BP3Q

— Farside Investors (@FarsideUK) November 5, 2024

The remaining funds, BITB, EZBC, BRRR, and HODL all saw capital leave their reserves as well.

Mt. Gox Moves 32,371 BTC To Unmarked Address

Spot Bitcoin ETF investors are not the only ones that moved capital yesterday. Defunct crypto exchange Mt. Gox transferred approximately 32,371 BTC to unmarked wallet addresses on Nov. 4, according to blockchain analytics firm Arkham Intelligence.

Yesterday’s transfer comes after the exchange announced that it is postponing its repayment deadline from Oct. 31, 2024 to Oct. 31, 2025.

Data from Arkham Intelligence shows the exchange holds over $3 billion in Bitcoin. Following the slight correction in the Bitcoin price in the past day the dollar value of the exchange’s holdings dropped more than $11 million.

Bitcoin registered a minor loss in the past 24 hours to trade at $68,658.13 as of 2:43 a.m. EST. 

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