Despite closing the last day of the week with inflows, Spot Bitcoin ETFs in the United States ended the week with net outflows. Notably, the ETFs recorded net outflows of $25.59 million on Friday, but ended the entire week with outflows of $301 million for the first time since September 6, where they recorded weekly total net outflows of $706.19 million .
Overview of recent Bitcoin ETF performance
According to data from SoSoValuethe cryptocurrency market recently witnessed one significant shift in investor sentiment while US Bitcoin ETFs saw significant outflows of $301.54 million. This sharp reversal comes amid a change in market sentiment after the transition to Octoberwhich caused the price of Bitcoin and other cryptocurrencies to reverse most of September’s gains.
Furthermore, this comes after three consecutive weeks of steady inflows, with the previous week ending at 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 Bitcoin price returned to $62,000. The Bitwise BITB fund and the Fidelity FBTC received $15.29 million and $13.63 million in inflows respectively, which was enough to offset a $13.91 million outflow from the Grayscale GBTC fund. However, these inflows at the end of the week 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 US Spot Bitcoin ETFs stood at $57.73 billion, down 5.68% from $61.21 billion on September 27.
Ethereum ETFs follow suit with net weekly outflows
In addition to Bitcoin ETFs, Discover Ethereum ETFs also experienced a week of net outflows to reverse the previous week’s inflows. According to data from SoSoValueSpot Ethereum ETFs also witnessed an inflow of $7.39 million on the last day of the week. However, this was not enough to offset the outflows earlier in the week, ultimately ending the week with a net outflow of $30.69 million.
Notably, the net flow data of Spot Ethereum ETFs has been worse than that of Spot Bitcoin ETFs for months. Data shows that Ethereum ETFs have had just two weeks of net inflows since launch. The last inflow week was registered last week after six consecutive weeks of outflow.
Based in the US at the time of writing Spot Bitcoin ETFs hold $57.73 billion value of Bitcoin. This translates to 4.68% of the total Bitcoin market capitalization. US-based Spot Ethereum ETFs also hold $6.66 billion worth of Ethereum, which is approximately 2.28% of the total Ethereum market cap.
Featured image from CNBC, chart from TradingView