Despite ending the last day of the week with net inflows, US spot Bitcoin ETFs ended the week with net outflows. In particular, ETFs recorded $25.59 million in net inflows on Friday but ended the entire week with outflows of $301 million for the first time since September 6, posting total weekly net outflows of $706.19 million.
An overview of the recent performance of the Bitcoin ETF
according to Data from SoSoValueThe cryptocurrency market has recently witnessed a A major shift in investor sentiment US Bitcoin ETFs saw a massive outflow of $301.54 million. This sharp reversal comes amid a change in market sentiment After moving to OctoberCausing the price of Bitcoin and other cryptocurrencies to rise Reversing most of September’s gains.
Furthermore, this comes after three straight weeks of consistent inflows, with the previous week ending with a total net inflow of $1.11 billion.
On Friday, these ETFs attracted net inflows of $25.59 million as sentiment began to change and the price of Bitcoin returned to $62,000. The Bitwise BITB fund and Fidelity FBTC received inflows of $15.29 million and $13.63 million, respectively, which was enough to offset an outflow of $13.91 million from the Grayscale GBTC fund. However, these late-week inflows were not enough to offset the broader trend of outflows that dominated the rest of the week.
The ETFs, which started the first day of the week with inflows of $61.30 million, immediately reversed the trend and had net outflows of $242.53 million, $91.76 million, and $54.13 million on Tuesday, Wednesday, and Thursday. By the end of the week, the total net worth of Bitcoin ETFs in the US reached $57.73 billion, down 5.68% from the $61.21 billion recorded on September 27.
Ethereum ETFs follow suit with weekly net inflow
In addition to Bitcoin ETFs, Ethereum ETFs It also experienced a week of net outflows to reverse the inflows of the previous week. according to Data from SoSoValueSpot Ethereum ETFs also saw inflows of $7.39 million on the last day of the week. However, this was not enough to offset the outflows earlier in the week, and it ultimately ended the week with a net inflow of $30.69 million.
Notably, Spot Ethereum ETF net flow data has been worse than Spot Bitcoin ETF data for months. Data shows that since the launch of Ethereum ETFs, they have only had two weeks of net inflow. The last week of inflows was recorded last week after six consecutive weeks of outflows.
At the time of writing, it is based in the United States Spot Bitcoin ETFs hold $57.73 billion Bitcoin value. This translates to 4.68% of Bitcoin’s total market cap. US-based Spot Ethereum ETFs also own $6.66 billion worth of Ethereum, representing about 2.28% of Ethereum’s total market capitalization.
Featured image from CNBC, chart from TradingView
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