U.S. spot bitcoin exchange-traded funds (ETFs) have reported significant net outflows, totaling $1.22 billion for the week ending November 21. This marks the fourth consecutive week of negative flows, with cumulative outflows reaching $4.34 billion over this period, as per data from SoSoValue.
The latest figures indicate that while the ETFs managed to record daily net inflows of $238.47 million on Friday and $75.47 million on Wednesday, they experienced outflows on the remaining trading days. Among the various funds, BlackRock”s iShares Bitcoin Trust (IBIT) was particularly affected, witnessing a staggering $1.09 billion in outflows for the week. This represents its second-largest weekly outflow on record, only behind the $1.17 billion logged during the week of February 28. Notably, last Tuesday, the fund recorded its largest single-day outflow, amounting to $523.15 million.
The recent outflows coincide with a significant correction in the cryptocurrency market, with Bitcoin plummeting from approximately $95,600 on Monday to around $82,200 by Friday, according to The Block”s price tracking. Currently, Bitcoin is trading at $87,348, showing a modest increase of 1.2% over the past 24 hours. Analysts have cautioned, however, that although signs of recovery are apparent, the overall market structure remains “fragile.” Vincent Liu, Chief Investment Officer at Kronos Research, expressed expectations that Bitcoin may consolidate within a range of $85,000 to $90,000, citing concerns over shallow liquidity and stop-loss orders being triggered.
In a related trend, spot Ethereum ETFs have also faced challenges, with $500.25 million in weekly outflows last week, marking their third consecutive week of negative flows. Despite recording a daily net inflow of $55.71 million last Friday, the ether ETFs could not sustain positive momentum throughout the week.
On a more positive note, spot Solana ETFs experienced $128.2 million in inflows, a notable increase from $46.34 million the previous week. Additionally, spot XRP ETFs, such as Canary”s XRPC and Bitwise”s XRP, brought in a total of $179.6 million in weekly inflows; however, this figure still trails the single-day inflows of $243.05 million that XRPC achieved on November 14, its second trading day.
As the market continues to evolve, the dynamics surrounding spot ETFs remain critical for investors and analysts alike, reflecting ongoing shifts in market sentiment and regulatory landscapes.
