US Bitcoin ETFs See $300 Million Weekly Outflow After Three-Week Inflow

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Despite ending the last day of the week with inflows, Spot Bitcoin ETFs in the United States closed out the week with a net outflow. In particular, the ETFs logged $25.59 million of net inflows on Friday but ended the whole week with $301 million in outflows for the first time since September 6, where it recorded a weekly total net outflow of $706.19 million. 

Overview Of Recent Bitcoin ETF Performance

According to data from SoSoValue, the cryptocurrency market recently witnessed a significant shift in investor sentiment as US Bitcoin ETFs experienced a substantial $301.54 million outflow. This sharp reversal comes amidst a change in market sentiment after the transition into October, which caused the price of Bitcoin and other cryptocurrencies to reverse most of the September gains.

Furthermore, it comes after three consecutive weeks of steady inflows, with the previous week ending at a total net inflow of $1.11 billion. 

On Friday, these ETFs attracted net inflows amounting to $25.59 million as the sentiment started to change and the Bitcoin price returned to $62,000. The Bitwise BITB fund and the Fidelity FBTC received $15.29 million and $13.63 million in inflows, respectively, which was enough to counterbalance an outflow of $13.91 million from the Grayscale GBTC fund. However, this late-week inflow was not enough to counterbalance the broader trend of outflows that dominated the rest of the week. 

The ETFs, which started the first day of the week with an inflow of $61.30 million, reversed the trend immediately and had net outflows of $242.53 million, $91.76 million, and $54.13 million on Tuesday, Wednesday, and Thursday. By the close of the week, the total net value of the US Spot Bitcoin ETFs stood at $57.73 billion, a 5.68% drop from $61.21 billion recorded on September 27.

Ethereum ETFs Follow Suit With Net Weekly Outflow

Alongside Bitcoin ETFs, Spot Ethereum ETFs also encountered a week of net outflows to reverse the previous week’s inflows. According to data from SoSoValue, the Spot Ethereum ETFs also witnessed $7.39 million in inflows on the last day of the week. However, this wasn’t enough to counterbalance the outflows earlier in the week, eventually ending the week at a net outflow of $30.69 million. 

Notably, the netflow data of Spot Ethereum ETFs has been worse than that of Spot Bitcoin ETFs for months now. Data shows that since launch, the Ethereum ETFs have only had two weeks of net inflow. The latest inflow week was registered last week after six consecutive weeks of outflows.

At the time of writing, US-based Spot Bitcoin ETFs hold $57.73 billion worth of Bitcoin. This translates to 4.68% of the total Bitcoin market cap. US-based Spot Ethereum ETFs also hold $6.66 billion worth of Ethereum, which is about 2.28% of the total Ethereum market cap.

Featured image from CNBC, chart from TradingView

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