This article is available in Spanish.
The United States’ spot Bitcoin ETFs (exchange-traded funds) recorded their first day of net outflows 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 strong performance throughout October, US-based spot Bitcoin ETFs didn’t have a perfect start to November. According to data from SoSoValueBTC exchange-traded funds reported net outflows of $54.9 million on Friday, November 1.
Analyzing the data, Fidelity’s FBTC surprisingly accounted for almost half ($25.64 million) of the outflows recorded on Friday. This figure was closely followed by Ark & 21Shares’ ARKB’s $24.13 million, the second consecutive day of outflows for the fund.
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Grayscale’s GBTC, which typically contributes to outflow days for the Bitcoin ETFs, recorded just $5.51 million in capital outflows. Other funds that recorded outflows 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 did not see any inflows or outflows on Friday. Prior to this zero-inflow day, the trillion-dollar asset manager’s fund had experienced capital inflows for the past fourteen consecutive days. IBIT even recorded the highest inflow day of the past week, with an inflow of $872 million on Wednesday, October 30.
While Bitcoin ETFs posted outflows this past week, the negative one-day action had little impact on weekly performance. According to data from SoSoValue, US BTC funds recorded cumulative weekly inflows of $2.22 billion last week, the highest since March.
While Bitcoin exchange-traded funds have delivered notable performances in recent days, their Ethereum counterparts haven’t exactly impressed. After witnessing an outflow of nearly $11 million on Friday, weekly capital inflows were reduced to around $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, given the recent positive impact on the price. BTC’s price nearly hit an all-time high of $73,737 on Tuesday and Wednesday, as the ETFs recorded their highest inflows in more than five months.
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At the time of writing, BTC’s price is just above $68,000, reflecting a 2% decline in the past 24 hours. According to data from CoinGecko, the leading cryptocurrency is up more than 3% over the past seven days.
Featured image created by Dall.e, chart from TradingView
