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US spot Bitcoin ETFs (exchange-traded funds) recorded their first outflow day in the past seven days. This one-day negative performance ended what had been an impressive weekly ride for cryptocurrency investment products.
Bitcoin ETFs shine while Ethereum ETFs continue to struggle
After performing strongly throughout October, US Bitcoin ETFs did not have an ideal start to November. according to Data from SoSoValueBTC exchange-traded funds recorded a net outflow of $54.9 million on Friday, November 1.
Analyzing the data, it was surprising that Fidelity’s FBTC accounted for nearly half of the outflows recorded on Friday ($25.64 million). The figure was closely followed by Ark & 21Shares’ $24.13 million ARKB, the fund’s second straight day of outflow.
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Grayscale’s GBTC, which typically contributes to Bitcoin ETFs’ outflow days, recorded just $5.51 million in capital outflows. Other funds recording 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 IBIT exchange-traded fund saw no inflows or outflows on Friday. Prior to this zero inflow day, the asset manager’s $1 trillion fund had seen capital outflow for the last 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 recorded outflows through the end of the previous week, the negative action that occurred in a single day barely had an impact on the 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 performed admirably in recent days, their Ethereum counterparts haven’t been quite as impressive. After seeing an outflow of approximately $11 million on Friday, the weekly capital inflow fell to approximately $13 million for Ethereum ETFs.
Bitcoin price overview
Investors are hopeful that Bitcoin ETFs will resume flows when trading opens on Monday, considering their recent positive impact on the price. Bitcoin’s price nearly reached an all-time high of $73,737 on Tuesday and Wednesday when ETFs posted their highest inflows in more than five months.
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As of this writing, Bitcoin’s price is just above $68,000, reflecting a 2% decline over the past 24 hours. According to data from CoinGecko, the leading cryptocurrency has risen more than 3% in the past seven days.
Featured image created by Dall.e, chart from TradingView