The Bitcoin (BTC) market was extremely volatile last week, with the cryptocurrency retesting the psychological price level of $100,000 following a sustained price correction that began in early October. Amid this price decline, the US Bitcoin Spot ETF suffered a similarly tumultuous fate, recording net outflows of more than $1 billion.
Bitcoin ETF expects $1.28 billion in net withdrawals as price war continues
Capital outflows across 12 Bitcoin ETFs reached $558.4 million on Friday, bringing total net outflows for the first week of November to $1.28 billion, according to SosoValue data. This development shows that institutional investors are showing great caution as Bitcoin seeks to stabilize its price.
The biggest outflow this week was from BlackRock’s IBIT, with net withdrawals of $580.98 million. The investment fund currently has net assets of $82.28 billion, accounting for 3.97% of Bitcoin’s market capitalization. Fidelity’s FBTC also bore the brunt of investor anxiety, with net outflows reaching $438.3 million. However, with cumulative net inflows of $12 billion, FBTC remains the second-best performing Bitcoin spot ETF.
Other market participants with notable performance included Ark Invest’s ARKB and Grayscale’s GBTC, which recorded net capital outflows of $128.92 million and $64.33 million, respectively. Meanwhile, Van Eck’s HODL, Valkyrie’s BRRR, and Franklin Templeton’s EZBC suffered negative cash flow losses ranging from $8 million to $13 million.
Interestingly, Bitwise’s BITB and Grayscale’s BTC This week’s net inflows were $4.69 million and $21.61 million, respectively. However, despite heavy market activity, Invesco’s BTCO, WisdomTree’s BTCW, and HashDex’s DEFI all recorded zero net flows.
At the time of writing, the Bitcoin Spot ETF reported net outflows of $1.22 billion in November. Nevertheless, total net assets decreased by 6.5% from last week in October to $138.08 billion, bringing the cumulative net inflows to the 12 investment funds to $59.97 billion.
BTC price overview
At the time of writing, Bitcoin is trading at $101,901 after falling 0.98% in the past 24 hours. Meanwhile, the daily trading volume decreased by 42.62% to $53.58 billion. Following a sharp price correction last week, the premier cryptocurrency is currently 18.93% away from its all-time high of $126,198.
Coincodex analysts predict that the market will recover and BTC will reach $129,442 over the next five days. However, they predict some retracement for the premier cryptocurrency after stabilizing around $111,963 for the month.
Featured images are from Nairametrics, charts are from Tradingview
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