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Bitcoin ETFs (exchange-traded funds) in the United States recorded their first day of net outflows in the past seven days. This poor one-day performance ended what was another impressive weekly outing for crypto investment products.
Bitcoin ETFs Shine While Ethereum ETFs Continue to Struggle
After a strong performance throughout the month of October, the US Bitcoin ETFs space did not register a good start to November. According to data from SoSoValue, BTC exchanges posted a total outflow of $54.9 million on Friday, November 1.
Breaking down the data, Fidelity’s FBTC accounted for nearly half ($25.64 million) of Friday’s recorded outflows. This figure was closely followed by Ark & 21Shares’ ARKB’s $24.13 million, the fund’s second consecutive day of outflows.
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Grayscale’s GBTC, which often contributes to Bitcoin ETF outflow days, recorded only $5.51 million in outflows. Other funds that recorded outflows 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 did not see any inflows and outflows on Friday. Prior to this lackluster day, the multi-billion dollar asset manager’s fund had seen 14 consecutive days of big inflows. In fact, IBIT posted its highest inflow day last week, with an influx of $872 million on Wednesday, October 30.
While Bitcoin ETFs posted outflows to end last week, the negative one-day action did not affect the weekly performance. According to data from SoSoValue, US BTC funds registered a cumulative weekly inflow of $2.22 billion last week, the highest amount since March.
While Bitcoin exchanges have been generating remarkable performance in recent days, their Ethereum counterparts haven’t fared as well. After seeing $11 million in outflows on Friday, weekly inflows were reduced to around $13 million in Ethereum ETFs.
Bitcoin price overview
Investors will be hoping that the Bitcoin ETF resumes its inflow when trading opens on Monday, given its recent positive impact on price. BTC price nearly touched its high of $73,737 on Tuesday and Wednesday when ETFs recorded their highest inflows in more than five months.
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As of this writing, the price of BTC is sitting above $68,000, which shows a 2% dip in the last 24 hours. According to data from CoinGecko, the first cryptocurrency has risen more than 3% in the past seven days.
Featured image created by Dall.e, chart from TradingView