This article is also available in Spanish.
Spot bitcoin ETFs (exchange-traded funds) in the United States recorded their first day of net outflow in the last seven days. This negative single-day performance put an end to what was another impressive weekly outing for cryptocurrency investment products.
bitcoin ETFs Shine While ethereum ETFs Continue to Struggle
After performing well throughout the month of October, US-based spot bitcoin ETFs posted a less than perfect start to November. Accordingbtc-spot” target=”_blank” rel=”nofollow”> SoSoValue databtc exchange-traded funds recorded a net outflow of $54.9 million on Friday, November 1.
Breaking down the data, surprisingly Fidelity's FBTC accounted for almost half ($25.64 million) of the outflow recorded on Friday. This figure was closely followed by ARKB's $24.13 million from Ark & 21Shares, the second consecutive day of outflows for the fund.
Related reading
Grayscale's GBTC, which typically contributes to bitcoin ETF outflow days, recorded just $5.51 million in capital outflow. Other funds that recorded an outflow 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 IBIT exchange-traded fund did not record any inflows or outflows on Friday. Prior to this day of zero inflows, the $1 trillion asset manager's fund had seen an inflow of capital for the past 14 consecutive days. In fact, IBIT recorded its highest inflow day last week, with an inflow of $872 million on Wednesday, October 30.
While bitcoin ETFs saw outflows at the end of the previous week, the single-day negative action barely had an impact on weekly performance. According to data from SoSoValue, US btc funds recorded a cumulative weekly inflow of $2.22 billion last week, the highest value since March.
While bitcoin ETFs have seen notable performance in recent days, their ethereum counterparts haven't exactly impressed. After witnessing an outflow of nearly $11 million on Friday, the weekly capital inflow slowed to around $13 million for ethereum spot ETFs.
bitcoin Price Overview
Investors expect bitcoin ETFs to resume inflows when trading opens on Monday, considering its recent positive impact on price. btc price nearly hit its all-time high of $73,737 on Tuesday and Wednesday, as ETFs recorded their largest inflows in more than five months.
Related reading
At the time of writing, the btc price sits just above $68,000, reflecting a 2% drop in the last 24 hours. According to data from CoinGecko, the leading cryptocurrency is up more than 3% in the last seven days.
Featured image created by Dall.e, chart by TradingView
