The US Spot Bitcoin ETF (Exchange-Traded Funds) have endured the most challenging days of the last few months of the past week. With market sentiment reversed and BTC prices stalled, several US investors have cashed in to their largest cryptocurrency position by market capitalization.
After posting strong performances over the past few weeks, the trend appears to be moving into the Bitcoin Exchange Sales Fund market. This latest round of withdrawal ended the four consecutive week of inflow streaks for Spot Bitcoin ETF.
Bitcoin ETFS registers net inflow of $418 million
According to the latest market data, the US Bitcoin ETF registered a daily total net inflow of $41,825 million on Friday, September 26th. This performance continued its a terrible run of crypto-link investment products that recorded only positive inflow dates last week.
I broke Fidelitywise Origin’s Bitcoin Fund (along with the Ticker FBTC) to post the most important daily net outflows, losing over $300 million in a day. BlackRock’s iShares Bitcoin Trust came in second, closing the week with a total daily withdrawal of $37.25 million.
The Bitwise Bitcoin ETF (BITB) recorded a daily total net spill of $2,379 million on Friday, while the ARK & 21Shares Bitcoin ETF (ARKB) lost $1,781 million on the day. The Grayscale Bitcoin Mini Trust (BTC) and Bitcoin Trust were the only Bitcoin ETFs with double-digit outflows on the day ($17.14 million and $12.57 million, respectively).
The Vaneck Bitcoin ETF (HODL) was the only currency trading fund to record any activity on Friday, with a daily net outflow of $9.28 million. This minus $418.25 million performance amounted to a cumulative net outflow of $902.5 million over the past week.
Source: SoSoValue
This negative weekly performance marked the end of a four-week straight win streak of positive influx. Over the past two weeks, US Spot Bitcoin ETFs have registered more than $3 billion in capital inflows as macroeconomic conditions shifted in favor of risky assets.
Bitcoin price overview
However, as seen at Bitcoin prices last week, the crypto market appears to have cooled down. The best cryptocurrencies have lost over 5% in value and have fallen below the level of around $116,000 to $110,000 over the past seven days.
With Bitcoin prices currently struggling, it’s not a shock to see a massive withdrawal last week by Bitcoin ETFs. At the time of writing, the BTC priced around $109,690, and does not reflect any significant movements over the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
ISTOCK featured images, TradingView chart
Editing process Bitconists focus on delivering thorough research, accurate and unbiased content. We support strict sourcing standards, and each page receives a hard-working review by a team of top technology experts and veteran editors. This process ensures the integrity, relevance and value of your readers’ content.
