BTC trades above $76,000 in Asian morning hours Friday, up nearly 10% over the past week. In line with analyst expectations, the Federal Reserve cut rates by 25 basis points on Thursday in a move that typically supports risk assets like bitcoin by increasing liquidity and weakening the dollar.

On Nov. 5, BlackRock’s spot Bitcoin exchange-traded fund, BITB, recorded its largest net outflow day since inception, with $44.2 million leaving the fund.

Since its launch in January, BlackRock’s BITB has experienced only six days of outflows, with the previous largest single-day outflow of $36.9 million on May 1.

According to data from Farside Investors, the 12 spot Bitcoin ETFs recorded a net outflow of $116.8 million on Nov. 5, extending their outflow streak to three consecutive trading days. However, these outflows were significantly lower than the $541.1 million recorded on Nov. 4, which marked the second-largest outflow day for these investment products.

Across the sector, outflows were dominated by Fidelity’s FBTC, which saw $68.2 million withdrawn, leading the day’s redemptions. Other funds also posted notable outflows, including ARK Invest and 21Shares’ ARKB, which saw $12.5 million in redemptions, Franklin Templeton’s EZBC with $6 million, VanEck’s HODL with $3.9 million, and Valkyrie’s BRRR, which reported $1.3 million in net outflows.

In contrast, Biwise’s BITB was the only spot Bitcoin ETF to log net inflows, with $19.3 million entering the fund. Grayscale’s GBTC and several other spot Bitcoin ETFs saw zero flows for the day.

Bitcoin defies ETF outflows, surges to record high

Despite ETF outflows extending for a third day, Bitcoin’s price rose sharply overnight.

CoinGecko data shows Bitcoin (BTC) reaching an unprecedented $75,000 in a potential reaction to election news that former President Donald Trump might be gaining momentum in early voting.

The flagship cryptocurrency later retreated slightly, trading up 8.7% at $74,563 at the time of reporting.

Bitcoin’s performance has remained strong, especially following its previous all-time high of $73,797 set on March 14, though it has mostly traded below $70,000 for much of the year.

While Bitcoin ETFs experienced significant outflows, U.S.-based spot Ethereum ETFs had a quieter day, registering zero net flows on Nov. 5, according to Farside Investors. However, Ethereum (ETH) mirrored Bitcoin’s upward price momentum, gaining 6.7% to trade just above $2,600.

According to CoinGecko data, the global crypto market capitalization increased by 6.6% over the past day, reaching $2.58 trillion.

Ethereum ETFs recorded their first State Pension Fund purchase, as Michigan acquired shares from two funds offered by Grayscale.

According to a Securities and Exchange Commission filing, the State of Michigan became a top five holder of Grayscale’s spot Ethereum (ETH) exchange-traded funds. Michigan’s Form 13F disclosed that the state owns a cumulative $10 million of Grayscale’s ETH and ETHE products.

Bloomberg ETF expert Eric Balchunas noted that Michigan held more shares in ETH ETFs than in its spot Bitcoin (BTC) ETF holdings.

Not only did Michigan’s pension buy Ether ETFs but they bought more then they did of Bitcoin ETFs, $10m vs $7m. This despite BTC being up a ton and Ether in the gutter. Pretty big win for ether which could use one.

Eric Balchunas, senior Bloomberg ETF analyst

The crypto community expressed mixed reactions to this first state fund investment in ETH products. Some praised the move as bullish for Ethereum, while others criticized Michigan’s government investors for allocating less to Bitcoin ETFs.

Rug Radio creator Daito Yoshi likened the move to a strategic business decision. Yoshi suggested on X that other government-backed investors may also deploy capital to ETH products.

I wonder where other institutions will choose to allocate in order to catch up with BTC gains once we hit $100K and they realize they’ve missed the BTC boat.

Daito Yoshi, Rug Radio creator

Bitcoin and Ethereum ETFs have been trading for months, with BTC funds as clear leaders in the crypto investment space. Over $70 billion is held in Bitcoin ETFs compared to less than $10 billion in Ethereum funds.

However, institutional interest in crypto ETFs has generally grown. Traditional finance firms have invested about $13 billion on Bitcoin ETF shares alone this year.