Bitcoin ETFs Experience First Outflow in a Week, but Weekly Inflows Still Strong
Bitcoin ETFs See First Net Outflow in a Week, but Weekly Inflows Still Strong
The spot Bitcoin exchange-traded funds (ETFs) in the United States have recorded their first net outflow day in the past seven days. This negative single-day performance ended what was another impressive weekly outing for the crypto investment products.
After a strong performance throughout October, US-based spot Bitcoin ETFs saw a dip in inflows at the beginning of November. According to data from SoSoValue, the BTC ETFs posted a net outflow of $54.9 million on Friday, November 1st.
Breaking down the data, Fidelity’s FBTC surprisingly accounted for almost half ($25.64 million) of the outflow recorded on Friday. This figure was followed closely by Ark & 21Shares’ ARKB’s $24.13 million, marking the second consecutive outflow day for the fund.
Grayscale’s GBTC, which usually contributes to outflow days for Bitcoin ETFs, recorded only $5.51 million in capital outflow. Other funds that recorded an outflow on Friday included Bitwise’s BITB, VanEck’s HODL, and Valkyrie’s BRRR, with outflows of $5.64 million, $5.86 million, and $1.66 million, respectively.
Interestingly, BlackRock’s exchange-traded fund IBIT didn’t see any inflow or outflow on Friday. Prior to this zero-inflow day, the trillion-dollar asset manager’s fund had seen capital influx for the last 14 consecutive days. In fact, IBIT posted its highest inflow day in the past week, with an influx of $872 million on Wednesday, October 30th.
Despite the outflow, the negative single-day action barely impacted the weekly performance. According to data from SoSoValue, the US BTC funds registered a $2.22 billion cumulative weekly inflow in the past week, the highest value since March.
Ethereum ETFs Struggle
While Bitcoin ETFs have been performing remarkably, their Ethereum counterparts haven’t impressed. After witnessing an almost $11 million outflow on Friday, the weekly capital influx was slashed to approximately $13 million for the spot Ethereum ETFs.
Bitcoin Price Overview
Investors will be hoping that Bitcoin ETFs will resume inflows when trading opens on Monday, considering its recent positive impact on price. The price of BTC almost touched its all-time high of $73,737 on Tuesday and Wednesday when the ETFs recorded their highest inflows in more than five months.
As of this writing, the price of BTC sits just above $68,000, reflecting a 2% dip in the past 24 hours. According to data from CoinGecko, the premier cryptocurrency is up by more than 3% in the last seven days.