After a solid month of October, United States-based spot Bitcoin ETFs experienced a notable shift as they recorded their first net outflow day in seven days. This singular negative trading session brought an end to what had been an impressive week for these crypto investment products.
On Friday, November 1, data from SoSoValue revealed that BTC exchange-traded funds registered a net outflow of $54.9 million. Fidelity’s FBTC surprisingly led the pullback, contributing nearly half of the outflow with $25.64 million. Closely trailing was ARKB, managed by Ark & 21Shares, which marked its second consecutive day of outflows with $24.13 million leaving the fund.
Grayscale’s GBTC, often a significant player in outflow days for Bitcoin ETFs, reported a comparatively modest $5.51 million in outflows. Other affected funds included Bitwise’s BITB, VanEck’s HODL, and Valkyrie’s BRRR, seeing declines of $5.64 million, $5.86 million, and $1.66 million, respectively.
Curiously, BlackRock’s IBIT recorded neither inflow nor outflow on that Friday, breaking a streak of 14 consecutive days of capital influx. Noteworthy, however, is that IBIT had posted an impressive single-day inflow of $872 million just two days earlier, on Wednesday, October 30.
Despite the outflows, the overall impact on the weekly performance of Bitcoin ETFs was minimal. Data from SoSoValue showed a cumulative weekly inflow of $2.22 billion, the highest since March, underscoring the sustained investor interest.
In contrast to the robust performance of Bitcoin ETFs, their Ethereum counterparts did not fare as well. The spot Ethereum ETFs suffered an almost $11 million outflow on Friday, diminishing their weekly capital influx to around $13 million.
Investors are hopeful that Bitcoin ETFs will resume inflows when trading reopens on Monday, aiming to further positively influence the BTC price. During the recent peaks, the price of BTC nearly touched its all-time high of $73,737 as ETFs recorded their highest inflows in over five months.
As of now, BTC is priced just above $68,000, reflecting a 2% dip in the past 24 hours. However, over the last seven days, the premier cryptocurrency has risen by more than 3%, according to data from CoinGecko.
In summary, while the recent outflow day marked a shift for Bitcoin ETFs, their overall weekly performance remains strong, even as Ethereum ETFs continue to struggle to gain similar traction.
