Bitcoin ETFs’ Hot 7-Day Streak Ends, Record $55 Million In Net Outflows

The spot Bitcoin ETFs (exchange-traded funds) in the United States have recorded their first net outflow day 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 a strong performance throughout the month of October, the US-based spot Bitcoin ETFs didn’t register a perfect start to November. According to data from SoSoValue, the BTC exchange-traded funds posted a net outflow of $54.9 million on Friday, November 1. Breaking down the data, Fidelity’s FBTC surprisingly accounted for almost half ($25.64 million) of the outflow recorded on Friday. This figure was followed closely by Ark & 21Shares’ ARKB’s $24.13 million, the second consecutive outflow day for the fund. Related Reading: Bitcoin ETFs Crucial To Sustain Current Buying Pressure – Details Grayscale’s GBTC, which usually contributes to the outflow days for the Bitcoin ETFs, recorded only $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 exchange-traded fund IBIT didn’t see any inflow or outflow on Friday. Prior to this zero-inflow day, the trillion-dollar asset manager’s fund had seen capital influx for the last 14 consecutive days. In fact, IBIT posted its highest inflow day in the past week, with an influx of $872 million on Wednesday, October 30. While the Bitcoin ETFs posted outflows to end the previous week, the negative single-day action barely made an impact on the weekly performance. According to data from SoSoValue, the US BTC funds registered a $2.22 billion cumulative weekly inflow in the past week, the highest value since March. While the Bitcoin exchange-traded funds have been producing remarkable performance in recent days, their Ethereum counterparts have not exactly impressed. After witnessing an almost $11 million outflow on Friday, the weekly capital influx was slashed to approximately $13 million for the spot Ethereum ETFs. Bitcoin Price Overview Investors will be hoping that the Bitcoin ETFs will resume inflows when trading opens on Monday, considering its recent positive impact on price. The price of BTC almost touched its all-time high of $73,737 on Tuesday and Wednesday when the ETFs recorded their highest inflows in more than five months. Related Reading: BNB Token Burn: $1 Billion Of Tokens Sent To ‘Black Hole’ Address — Impact On Price? As of this writing, the price of BTC sits just above $68,000, reflecting a 2% dip in the past 24 hours. According to data from CoinGecko, the premier cryptocurrency is up by more than 3% in the last seven days. Featured image created by Dall.e, chart from TradingView