Despite ending the last day of the week with inflows, Spot Bitcoin ETFs in the United States closed the week with net outflows. In particular, ETFs saw inflows of $25.59 million on Friday but ended the week with outflows of $301 million for the first time since September 6, when they recorded a total weekly outflow of $706.19 million.
The company’s latest Bitcoin ETF rating
In accordance with Data from SoSoValuethe cryptocurrency market recently proved a a major shift in investor sentiment as US Bitcoin ETFs experienced massive outflows of $301.54 million. This sharp reversal comes amid a shift in market sentiment after moving on to Octoberwhich caused the price of Bitcoin and other cryptocurrencies to reverse most of September’s gains.
In addition, it comes after three consecutive weeks of flat revenue, with last week ending with total revenue of $1.11 billion.
On Friday, these ETFs attracted net inflows of up to $25.59 million as the situation began to change and the price of Bitcoin returned to $62,000. The Bitwise BITB fund and Fidelity FBTC received $15.29 million and $13.63 million in inflows, respectively, which was enough to counter the $13.91 million outflow from the Grayscale GBTC fund. However, these late-week inflows were not enough to offset the broader outflow trend that prevailed throughout the week.
ETFs, which started the first day of the week with inflows of $61.30 million, quickly reversed the trend and had total outflows of $242.53 million, $91.76 million, and $54.13 million on Tuesday, Wednesday, and Thursday. At the end of the week, the total value of US Spot Bitcoin ETFs stood at $57.73 billion, down 5.68% from the $61.21 billion recorded on September 27.
Ethereum ETFs Follow Suit With Net Weekly Outflow
Along with Bitcoin ETFs, Spot Ethereum ETF share price and we experienced a week of total outflows to reverse the previous week’s income. In accordance with Data from SoSoValueSpot Ethereum ETFs also saw an inflow of $7.39 million on the last day of the week. However, this was not enough to match the outflows at the beginning of the week, eventually ending the week with a total outflow of $30.69 million.
Notably, the netflow data for Spot Ethereum ETFs has been worse than that of Spot Bitcoin ETFs for months now. The data shows that since its launch, the Ethereum ETF has only two weeks of revenue. The latest week of inflows was registered last week after six consecutive weeks of outflows.
At the time of writing, it is based in the US Spot Bitcoin ETFs hold $57.73 billion the value of Bitcoin. This translates to 4.68% of the total market capitalization of Bitcoin. US-based Spot Ethereum ETFs also hold $6.66 billion worth of Ethereum, which is about 2.28% of the total Ethereum market cap.
Featured image from CNBC, chart from TradingView