Bitcoin ETFs Hot 7-Day Streak Ends, Record $55 Million In Net Outflows
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 didnt 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, Fidelitys FBTC surprisingly accounted for almost half ($25.64 million) of the outflow recorded on Friday. This figure was followed closely by Ark & 21Shares ARKBs $24.13 million, the second consecutive outflow day for the fund.
Grayscales 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 Bitwises BITB, VanEcks HODL, and Valkyries BRRR, with outflows of $5.64 million, $5.86 million, and $1.66 million, respectively.
Interestingly, BlackRocks exchange-traded fund IBIT didnt see any inflow or outflow on Friday. Prior to this zero-inflow day, the trillion-dollar asset managers 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.
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.
Text source: NewsBTC
