Bitrabo Editorial
Although Spot Bitcoin ETFs in the U.S. saw inflows on the last day of the week, they ultimately ended with significant outflows. Specifically, these ETFs recorded inflows of $25.59 million on Friday, but overall, they faced $301 million in outflows during the week. This marks the first week of net outflows since September 6, when the total hit $706.19 million.
Recent Performance of Bitcoin ETFs
Data from SoSoValue indicates a notable decline in investor confidence, as U.S. Bitcoin ETFs experienced a striking $301.54 million in outflows. This shift follows changes in market conditions going into October, which caused Bitcoin and other cryptocurrencies to lose most of the gains made in September .
This outflow comes after a series of three weeks of consistent inflows, with the previous week seeing a net inflow total of $1.11 billion.
On Friday, the ETFs did manage to collect a net inflow of $25.59 million when Bitcoin’s price climbed back to $62,000. The Bitwise BITB fund and Fidelity FBTC attracted inflows of $15.29 million and $13.63 million, respectively, which helped to offset a $13.91 million outflow from the Grayscale GBTC fund. However, this influx was insufficient to offset the larger trends of outflows throughout the week.
Starting the week with $61.30 million in inflows, the ETFs quickly turned around, suffering net outflows of $242.53 million, $91.76 million, and $54.13 million on Tuesday, Wednesday, and Thursday, respectively. By the end of the week, the total value of U.S. Spot Bitcoin ETFs was $57.73 billion, reflecting a decline of 5.68% from $61.21 billion recorded on September 27.
Net Outflows in Ethereum ETFs
In a similar trend, Spot Ethereum ETFs also faced net outflows this week, reversing the gains made the week before. Data from SoSoValue shows that these Ethereum ETFs had $7.39 million in inflows on the week’s final day, but this amount wasn’t enough to counter earlier losses. Consequently, the week ended with a total net outflow of $30.69 million.
Moreover, the performance of Spot Ethereum ETFs has lagged behind that of the Spot Bitcoin ETFs for a considerable time. The data indicates that since their introduction, Ethereum ETFs have only had two weeks of inflows, with the last occurrence coming just last week after a stretch of six weeks of outflows.
At the time of this report, U.S.-based Spot Bitcoin ETFs hold assets worth $57.73 billion, making up 4.68% of the total Bitcoin market capitalization. U.S.-based Spot Ethereum ETFs, on the other hand, hold $6.66 billion in Ethereum, approximately 2.28% of the total Ethereum market cap.
Image credit: CNBC, chart sourced from TradingView