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CryptoXTimes > Article > News > Bitcoin ETFs See First Net Outflow In A Week, Totaling $55 Million
NewsBitcoin News

Bitcoin ETFs See First Net Outflow In A Week, Totaling $55 Million

Bitcoin ETF inflow streak ends with $55M outflow.

Nayab Fatima
Last updated: November 3, 2024 12:19 pm
Nayab Fatima 7 months ago
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MicroStrategy Bets Big on Bitcoin with $2.6 Billion Note Sale Amid Bullish Market

Spot Bitcoin ETFs based in the U.S. saw a net inflow of $54.9 million during the seven-day period ended November 1, a streak that ended, marking a net outflow of $54.9 million, SoSoValue data shows. 

It was the first outflow day for the ETFs in more than a week, and came off the back of a positive month for the funds. Fidelity’s FBTC fund, which was leading outflows, handled a massive $25.64 million, over half of the day’s total. 

Bitcoin ETFs See Outflows As BlackRock’s Streak Ends

Retail outflows of $24.13 million came next for Ark & 21Shares’ ARKB fund, its second consecutive day of withdrawals. Friday’s outflow was also made up by Grayscale GBTC at $5.51 million, Bitwise BITB at $5.62 million, VanEck HODL at $5.86 million and Valkyrie’s BRRR at $1.66 million.

BlackRock’s IBIT fund meanwhile saw no inflows or outflows Friday, ending a 14-day streak of capital influx. On Wednesday, October 30, IBIT’s highest single day flow came in at $872 million; this figure was only exceeded by that flowing in on Thursday, November 7, on Tuesday.

The overall weekly performance though, remains strong despite Friday’s setback. Meanwhile, Bitcoin ETFs, located in the United States continued to draw in over $2.22 billion in cumulative weekly inflows — the highest since March.

While Ethereum spot ETFs performed better than ETH futures as they recorded $11 million outflow on Friday, its weekly inflow fell to around $13 million. That caused Bitcoin’s price to spike, then temporarily peak at around $73,737 or so to coincide with the ETF activity, before catching up this week and Tuesday and Wednesday during peak inflows.

Bitcoin is currently sitting at around $68,000 and is 2% lower in the past 24 hours but over +3 percent in seven days according to CoinGecko. The positive momentum it has seen is all waiting on Bitcoin ETF inflows to kick off on Monday.

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TAGGED: ARKB, Bitcoin, BTC, Crypto, ETH
Previous Article Shiba Inu’s November Milestones: 500M Transactions and TVL Growth Shiba Inu Faces Key Resistance Levels as Whale Activity Slows
Next Article PEPE Whale Cashes Out $4.9M: Ethereum Investor Gains 214% Pepe Crypto Whitepaper: The Rise of $PEPE Memecoin
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