Bitcoin ETFs’ Hot 7-Day Streak Ends, Record $55 Million In Net Outflows
03 Novembre 2024 - 11:00AM
NEWSBTC
The spot Bitcoin ETFs (exchange-traded funds) 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.
Bitcoin ETFs Shine While Ethereum ETFs Continue To Struggle After a
strong performance throughout the month of October, the
US-based spot Bitcoin ETFs didn’t register a perfect start to
November. According to data from SoSoValue, the BTC exchange-traded
funds posted a net outflow of $54.9 million on Friday, November 1.
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, the second consecutive outflow day for the fund.
Related Reading: Bitcoin ETFs Crucial To Sustain Current Buying
Pressure – Details Grayscale’s GBTC, which usually contributes to
the outflow days for the 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 30. While the Bitcoin ETFs
posted outflows to end the previous week, the negative single-day
action barely made an impact on 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. While the Bitcoin exchange-traded funds have been producing
remarkable performance in recent days, their Ethereum counterparts
have not exactly 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 the 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. Related
Reading: BNB Token Burn: $1 Billion Of Tokens Sent To ‘Black Hole’
Address — Impact On Price? 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. Featured image created by
Dall.e, chart from TradingView
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