Bitcoin Spot ETFs Face Significant Outflows
While the cryptocurrency market remains in a state of weakness, the trend of net outflows continued for both Bitcoin and Ethereum spot Exchange Traded Funds (ETFs) last week.
According to data from SoSoValue, Bitcoin spot ETFs experienced net outflows totaling $1.11 billion between November 10 and November 14. This marks the third consecutive week that Bitcoin ETFs have seen a net decrease in investment.
The Bitcoin spot ETF that recorded the highest weekly inflow was the ARKB fund, a collaboration between Ark Invest and 21Shares. This fund saw net inflows of $1.68 million during the past week. This inflow brings its historical total net inflow to $1.91 billion.
Conversely, the largest outflow was observed in BlackRock's IBIT fund. The IBIT fund posted a net outflow of $532 million over the week. Following this outflow, its historical net inflow has decreased to $63.79 billion. The Grayscale Bitcoin Mini Trust (BTC) followed with the second-largest outflow, recording a deficit of $290 million.
As of the current press time, the aggregate net asset value of all Bitcoin spot ETFs stands at $125.34 billion. This represents 6.67% of Bitcoin's overall market capitalization. The cumulative net inflows into Bitcoin ETFs since their inception have reached $58.85 billion.
Ethereum Spot ETFs Show Even Weaker Performance
The performance of Ethereum spot ETFs was even more concerning, with net outflows amounting to $729 million last week. This figure represents the third-highest weekly outflow recorded for Ethereum ETFs. Notably, none of the nine Ethereum ETFs managed to register any inflows during this period.
The most substantial outflow among Ethereum ETFs for the week was from the BlackRock ETHA fund. ETHA experienced a net outflow of $421 million, which has reduced its total historical net inflow to $13.45 billion. The Grayscale Ethereum Mini Trust (ETH) recorded the second-largest outflow, with a deficit of $135 million.
Currently, Ethereum ETFs hold a total net asset value of $20 billion. This represents 5.42% of Ethereum's total market capitalization. The cumulative net inflows for Ethereum ETFs since their launch are $13.13 billion.