Last week proved quite volatile in the Bitcoin (BTC) market as prices retested the $100,000 psychological price level after a sustained price correction that began in early October. Amid this price decline, the US Bitcoin Spot ETFs suffered a similarly tumultuous fate, registering a net outflow of over $1 billion.
Bitcoin ETFs See $1.28B in Net Withdrawals as Price Fight Continues
According to data from SoSovaluecapital outflows of 12 Bitcoin ETFs reached $558.4 million on Friday, bringing total net outflows in the first week of November to $1.28 billion. This development indicates significant caution among institutional investors as Bitcoin strives to find price stability.
The week’s biggest outflows came from BlackRock’s IBIT, which suffered net withdrawals of $580.98 million. The investment fund now has net assets of $82.28 billion, which represents 3.97% of the total market value of Bitcoin. Fidelity’s FBTC also suffered from investor fears as net outflows rose to $438.30 million. However, with cumulative net inflows of $12 billion, FBTC remains the second best performing Bitcoin spot ETF.
Other market players with significant achievements include Ark Invest‘s ARKB and Grayscale’s GBTC, which recorded a net capital loss of $128.92 million and $64.33 million, respectively. Meanwhile, VanEck’s HODL, Valkyrie’s BRRR, and Franklin Templeton’s EZBC suffered negative cash flow losses of between $8 million – $13 million.
Interesting, Here and there‘s BITB and Grayscale’s BTC produced weekly net inflows worth $4.69 million and $21.61 million, respectively. But Invesco’s BTCO, WisdomTree’s BTCW and Hashdex DEFI all recorded zero net flow, despite high market activity.
At press time, the Bitcoin spot ETFs are now reporting a net outflow of $1.22 billion for November. Still, cumulative total net inflows for the 12 mutual funds are valued at $59.97 billion, as aggregate net assets fall to $138.08 billion, down 6.5% from last week in October.
BTC Price Overview
At press time, Bitcoin is trading at $101,901 after a 0.98% decline in the last 24 hours. At the same time, the daily trading volume has decreased by 42.62% and valued at 53.58 billion dollars. After the intense price correction of the past week, the premier cryptocurrency is now 18.93% off its all-time high of $126,198.
Coincodex Analyst predict a market recovery over the next five days, tipping BTC to reach $129,442. However, they are projecting some retracement after forcing the top cryptocurrency to stabilize around $111,963 in one month.
Featured image from Nairametrics, chart from Tradingview
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