Bitcoin ETFs Experience $54.9 Million Net Outflow After Strong Week
The spot Bitcoin ETFs in the United States experienced their first net outflow day in seven days, marking a deviation from a strong weekly performance for crypto investment products.
Bitcoin ETFs Performance Compared to Ethereum ETFs
Despite robust performance in October, US-based spot Bitcoin ETFs did not maintain momentum at the start of November. Data from SoSoValue indicates a net outflow of $54.9 million on November 1. Fidelity’s FBTC accounted for nearly half of this outflow, totaling $25.64 million, followed by Ark & 21Shares’ ARKB with $24.13 million, marking its second consecutive outflow day.
Grayscale’s GBTC contributed $5.51 million to the outflow. Other funds experiencing outflows included Bitwise’s BITB ($5.64 million), VanEck’s HODL ($5.86 million), and Valkyrie’s BRRR ($1.66 million). Notably, BlackRock’s IBIT recorded no inflow or outflow on the same day after witnessing 14 consecutive days of capital influx, including a peak of $872 million on October 30.
Despite the outflows, Bitcoin ETFs maintained a strong weekly performance with a cumulative inflow of $2.22 billion, the highest since March.
In contrast, Ethereum ETFs faced challenges, recording almost $11 million in outflows on Friday, resulting in a total weekly influx of approximately $13 million.
Bitcoin Price Overview
Investors anticipate that Bitcoin ETFs will resume inflows when trading opens, given their recent influence on price. BTC nearly reached its all-time high of $73,737 earlier in the week alongside significant ETF inflows. As of now, BTC is priced just above $68,000, reflecting a 2% decline in the past 24 hours but an increase of over 3% in the last seven days, according to CoinGecko.
