Spot bitcoin ETFs shed $1.2 billion in 4th consecutive outflow week

U.S. spot bitcoin exchange-traded funds recorded another week of net outflows, extending their streak of negative flows to four straight weeks.

The spot bitcoin ETFs saw a combined $1.22 billion in net outflows for the week ended Nov. 21, bringing four-week cumulative outflows to $4.34 billion, according to data from SoSoValue. 

The funds posted daily net inflows of $238.47 million on Friday and $75.47 million on Wednesday, but recorded outflows on the remaining trading days.

Among the ETFs, BlackRock's IBIT saw $1.09 billion in outflows for the week, its second-largest weekly outflow on record, trailing $1.17 billion logged in the week ended Feb. 28. The fund saw its largest daily net outflow of $523.15 million last Tuesday. 

Last week's outflows coincided the largest crypto market correction to happen this cycle, with bitcoin falling to around $82,200 on Friday from Monday's $95,600, according to The Block's price page. The world's largest cryptocurrency is currently trading at $87,348, up 1.2% over the past 24 hours.

Analysts told The Block today that while bitcoin is showing signs of recovery, the market structure remains "fragile." Vincent Liu, CIO at Kronos Research, said he expects bitcoin to consolidate within a range of roughly $85,000 to $90,000, noting that "liquidity is shallow and stops are being picked off."

Ether ETFs extend weekly outflows

Meanwhile, spot Ethereum ETFs saw $500.25 million in weekly net outflows last week, marking their third straight week of outflows. The ether ETFs experienced a daily net inflow of $55.71 million last Friday, but posted outflows on other days of the week.

Spot Solana ETFs saw $128.2 million in inflows last week, up from $46.34 million the week prior. 

Spot XRP ETFs — Canary's XRPC and Bitwise's XRP — brought in $179.6 million in weekly inflows over the week, though the combined weekly total still trailed XRPC's single-day inflows of $243.05 million on Nov. 14, its second trading day.