US Spot Bitcoin ETFs Post $1.28 Billion Weekly Outflows, Biggest Since Late June
Key Takeaways
- •US spot Bitcoin ETFs recorded $1.28 billion in net outflows last week, their largest weekly withdrawals since late June, bringing year-to-date outflows to about $919 million.
- •BlackRock's IBIT accounted for roughly 95% of the weekly outflows, losing $1.21 billion over six consecutive sessions and about $1.44 billion since Oct. 30.
- •Fidelity's FBTC bucked the trend with roughly $93 million in weekly net inflows despite losing nearly $200 million on a single day, Thursday.
- •Bitcoin fell below $76,000 as traders weighed the fallout from Binance's $6.3 billion hack, post-midterm election uncertainty, and a technology stock sell-off.
- •Bitfire Research cited a Fear & Greed Index reading of 25 and cautioned that a sustained drop below the $74,400–$75,000 support range could lead to additional selling.
US spot Bitcoin exchange-traded funds (ETFs) — vehicles that hold Bitcoin directly and trade on US stock exchanges, giving traditional brokerage investors exposure to the asset without handling wallets or crypto platforms — recorded $1.28 billion in net outflows last week, their largest weekly withdrawals since late June. According to SoSoValue, the withdrawals pushed the funds’ net outflows for the year to about $919 million. The funds had already posted $515 million in net outflows in October. Last week’s withdrawals alone exceeded the year-to-date total, underscoring how concentrated the recent pullback has been.
Bitcoin fell below $76,000 last week as traders digested the fallout from Binance’s $6.3 billion hack, uncertainty after the US midterm elections and a sell-off in technology stocks.
BlackRock’s IBIT leads Bitcoin ETF outflows
BlackRock’s iShares Bitcoin Trust (IBIT) — launched in January 2024 and now the world’s largest spot Bitcoin ETF by assets — recorded $1.21 billion in net outflows last week, according to Farside Investors data. The outflows extended IBIT’s losing streak to six consecutive trading sessions through Friday, with approximately $1.44 billion pulled from the fund since Oct. 30. IBIT accounted for about 95% of the weekly total reported by SoSoValue, meaning a single fund drove nearly all of the sector’s headline number.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) drew about $93 million in net inflows for the week, despite losing nearly $200 million on Thursday — a split that shows flows diverged sharply between funds and across individual sessions even in a broadly negative week.
Bitfire flags further downside risk for Bitcoin
Shifting expectations for US interest rates, uncertainty after the midterms and weakness in technology stocks weighed on crypto markets, Bitfire Research said in a statement shared with Cointelegraph. The firm said investors were also reassessing whether Congress could pass the CLARITY Act, a proposed US market-structure bill for digital assets, before year-end.
Related: Bitcoin price dips under $75K as crypto markets miss tech-stock rebound
Bitfire cited a Crypto Fear & Greed Index reading of 25 — on a scale that runs from 0 (extreme fear) to 100 (extreme greed) — and a negative Coinbase Premium, which indicates Bitcoin was trading at a discount on Coinbase relative to the indicator’s benchmark.
Bitfire described the market as being in a “breakdown and bottom-seeking phase,” pointing to upcoming US inflation data and signals from the Federal Reserve as factors to watch. It said that a sustained break below the $74,400–$75,000 support range could lead to further selling.
Bitcoin traded at $74,049 at the time of publication, below the lower end of that range. It was down 5% over seven days and 2.3% over 24 hours, according to CoinGecko.
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Source: Cointelegraph
