Bitcoin Spot ETFs Face Third-Highest Weekly Outflow on Record
According to data compiled by the crypto data platform SoSoValue, Bitcoin spot Exchange Traded Funds (ETFs) experienced net outflows totaling $1.22 billion during the week of November 3rd to November 7th. This figure represents the third-largest weekly outflow recorded in the history of these financial instruments.
Within this period, the Grayscale Bitcoin Mini Trust (BTC) was a notable exception, registering the highest inflows for the week. The fund concluded the week with net inflows amounting to $21.61 million, bringing its cumulative historical inflows to $1.97 billion.
The Bitwise Bitcoin ETF (BITB) secured the second position in terms of inflows, with a net inflow of $4.69 million. This addition increased the fund's total net inflow to $2.32 billion.
In contrast, BlackRock's IBIT ETF recorded the most substantial outflow for the week. The fund closed with net outflows of $581 million, which adjusted its total historical net inflows to $64.32 billion. Similarly, Fidelity's FBTC ETF experienced outflows totaling $438 million, bringing its total net inflows to $12 billion.
As of November 7th, the combined asset value held by Bitcoin spot ETFs was reported at $138.08 billion. This value constitutes 6.67% of Bitcoin's overall market capitalization.
Ethereum Spot ETFs Also See Substantial Outflows
During the same weekly period, Ethereum spot ETFs encountered net outflows amounting to $508 million. This outflow level ranks as the third-highest historically for Ethereum-based ETFs.
Specifically, BlackRock's ETHA ETF experienced outflows of $297 million, while Fidelity's FETH ETF saw outflows of $109 million. The Invesco QETH ETF, however, registered inflows of $2.59 million. The total asset value currently held within Ethereum spot ETFs stands at $22.66 billion.