Bitcoin ETFs Struggle with $4.34B in Cumulative Outflows Over Four Weeks

TLDR

• Bitcoin ETFs recorded $1.22 billion in outflows for the week ending November 21.
• The cumulative outflows for Bitcoin ETFs over the past four weeks reached $4.34 billion.
• BlackRock’s IBIT Bitcoin ETF experienced $1.09 billion in outflows, its second-largest weekly loss.
• Ethereum ETFs saw $500.25 million in outflows, continuing their third consecutive week of losses.
• Solana ETFs saw inflows rise to $128.2 million for the week.
• XRP ETFs recorded $179.6 million in weekly inflows, with Canary’s XRPC leading with a single-day inflow of $243.05 million.

Spot Bitcoin ETFs faced continued net outflows, marking the fourth straight week of negative flows. The ETFs recorded $1.22 billion in outflows for the week ending November 21. This brings the four-week cumulative outflows to $4.34 billion, according to SoSoValue data.

The funds had net inflows on two separate days last week. On Friday, Bitcoin ETFs saw a daily inflow of $238.47 million. On Wednesday, inflows totaled $75.47 million, but outflows were recorded on the remaining trading days.

Bitcoin ETFs Outflows Hit $1.09 Billion

BlackRock’s Bitcoin ETF, IBIT, experienced $1.09 billion in outflows last week. This marks its second-largest weekly outflow on record, just behind the $1.17 billion recorded in February. The fund also saw its largest daily net outflow on Tuesday, totaling $523.15 million.

This drop coincided with the most significant correction in the crypto market cycle. Bitcoin price fell from $95,600 on Monday to about $82,200 by Friday. The cryptocurrency is now trading at $87,348, up 1.2% in the last 24 hours.

Vincent Liu, CIO at Kronos Research, commented, “Bitcoin’s market structure remains fragile, and consolidation between $85,000 and $90,000 is likely.” He added, “Liquidity is shallow, and stop losses are being triggered.”

Spot Ethereum ETFs saw $500.25 million in net outflows for the week ending November 21. This marks their third consecutive week of outflows, continuing the downward trend. While Ethereum ETFs saw inflows of $55.71 million on Friday, they experienced outflows for the rest of the week.

Ethereum’s market position remains under pressure as investors react to Bitcoin’s movements. Analysts suggest that Ethereum’s recovery hinges on Bitcoin stabilizing. Despite last week’s inflows, Ethereum ETFs continue to face headwinds in the current market.

Solana and XRP ETFs See Positive Flows

While Bitcoin and Ethereum ETFs struggled, Solana ETFs saw $128.2 million in inflows last week. This is a rise from the previous week’s $46.34 million in inflows. The Solana ETF trend continues to show strength amid volatility.

Meanwhile, spot XRP ETFs recorded $179.6 million in combined inflows. Canary’s XRPC and Bitwise’s XRP benefited from increased investor interest. However, XRPC had a single-day inflow of $243.05 million on November 14, leading the pack.

These inflows reflect continued investor interest in altcoin-based ETFs, despite the overall weakness in Bitcoin ETFs.

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