Bitcoin ETFs Weekly Net Outflows Cross $1 Billion Amid $100,000 Price Retest

Last week proved quite volatile in the Bitcoin (BTC) market as prices retested the psychological $100,000 price level following a sustained price correction that began in early October. Amid this price decline, the US Bitcoin Spot ETFs suffered a similar tumultuous fate, registering a net outflow of over $1 billion.

Bitcoin ETFs See $1.28B In Net Withdrawals As Price Struggles Persist

According to data from SoSovalue, capital outflows of 12 Bitcoin ETFs reached $558.4 million on Friday, taking 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 largest outflows of the week came from BlackRock’s IBIT, which suffered net withdrawals of $580.98 million. The investment fund now holds net assets of $82.28 billion, accounting for 3.97% of the total Bitcoin market cap.  Fidelity’s FBTC also suffered the heavy brunt of investors’ fear as net outflows climbed to $438.30 million. However, with cumulative net inflows of $12 billion, FBTC still remains the second-best performing Bitcoin spot ETF.

Other market players with significant performances include Ark Invest’s ARKB and Grayscale’s GBTC, which recorded net capital drain 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 ranging $8 million – $13 million. 

Interestingly, Bitwise’s BITB and Grayscale’s BTC produced the net inflows of the week valued at $4.69 million and $21.61 million, respectively. However, Invesco’s BTCO, WisdomTree’s BTCW, and Hashdex’s DEFI all recorded zero netflow, despite heavy market activity.

At press time, the Bitcoin spot ETFs now report a net outflow of $1.22 billion for November. Nevertheless, the cumulative total net inflow for the 12 investment funds is valued at $59.97 billion, as aggregated net assets drop to $138.08 billion by 6.5% from last week in October.

BTC Price Overview

At press time, Bitcoin trades at $101,901 after a 0.98% decline in the past 24 hours.  Meanwhile, daily trading volume is down by 42.62% and valued at $53.58 billion. Following the intense price correction of the last week, the premier cryptocurrency is now 18.93% away from its all-time high of $126,198.

Coincodex analysts predict a market recovery in the next five days, tipping BTC to hit $129,442. However, they project some retracement after forcing the premier cryptocurrency to stabilize around $111,963 in a month.