In the past week, spot Bitcoin ETFs traded in the US experienced a significant net outflow of $1.22 billion. This outflow extended the streak to the fourth consecutive week, with total capital losses for this period reaching $4.34 billion, as compiled by SoSoValue as of November 21.
Record Outflow from BlackRock’s IBIT Fund
The most noteworthy movement of the week came from BlackRock’s iShares Bitcoin Trust (IBIT) fund, which saw an outflow of $1.09 billion. This marks the second-highest weekly outflow since the establishment of IBIT. Within a single day on Tuesday, November 19, the fund registered a net outflow of $523.15 million. Despite this, there were inflows of $238.47 million on Friday and $75.47 million on Wednesday during the last two trading days of the week.
Concurrently, Bitcoin’s price underwent a sharp correction in the same period. While trading around $95,600 on Monday, Bitcoin’s price dropped to $82,200 by the weekend. According to data from The Block, Bitcoin recovered to $87,348 by the week’s end and gained 1.2% in the last 24 hours. Vincent Liu, the CIO of Kronos Research, noted that despite some recovery signals, the market structure remains “fragile,” suggesting Bitcoin may continue to trade sideways in the range of $85,000 to $90,000 in the short term.
Ethereum and Altcoin ETFs: A Different Trajectory
Spot Ethereum ETFs also ended the week with a net outflow of $500.25 million, marking their third consecutive week in negative territory. A limited inflow of $55.71 million was observed on Friday, but outflows dominated the other days of the week.
On the other hand, Solana ETFs experienced a notable growth, with weekly inflows increasing approximately threefold to $128.2 million compared to the previous week. Similarly, XRP-focused ETFs posted total inflows of $179.6 million. However, this figure was lower than the single-day inflow of $243.05 million reported by Canary’s XRPC fund on its second trading day, November 14.
The divergence in fund flows indicates that investors are leaning towards diversifying risks amid market uncertainties. Declining liquidity and sharp price fluctuations in Bitcoin are driving short-term investors towards alternative cryptocurrency assets.