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Bitcoin ETFs Post Second Straight Week Of $500 Million Outflow — Details

Opeyemi Sule
by Opeyemi Sule
7 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The US-based spot Bitcoin ETFs (exchange-traded funds) recorded their second consecutive week of significant outflows over the last five-day trading period. This recent run of disappointing performances reflects the ongoing shift in investor sentiment in the United States.

Over the past year, strong inflows into the US Bitcoin ETF market have constantly been associated with positive action for the BTC price. Fittingly, the price of Bitcoin has been consolidating over the past few weeks, struggling to pick up any real momentum.

Bitcoin ETFs Record Fourth Consecutive Outflow Day

According to the latest market data, the US Bitcoin ETFs registered a total daily outflow of $62.77 million on Friday, February 21. This latest round of withdrawals marked the fourth straight day (and the eighth day in the last nine trading days) that the crypto-based products would witness a net capital outflow.

Related Reading: Bybit Sees 2K Bitcoin Outflow Following ETH Hack – Metrics Reveal Strong BTC Reserves

The Grayscale Bitcoin Trust (with the ticker GBTC) accounted for a larger percentage of Friday’s total outflow, recording over $60 million in withdrawals to close the week. Bitwise Bitcoin ETF (BITB) saw the second-highest outflows on Friday, losing $16.58 million of its total assets.

Fidelity Bitcoin Fund (FBTC) was the only other exchange-traded fund that saw net outflows ($12.47 million) on Friday. It is worth noting that BlackRock’s IBIT (the largest Bitcoin ETF by net asset) and VanEck’s CBOE posted positive capital inflows of $21.64 million and $4.71 million, respectively.

This $62.77 million single-day net withdrawals put the US-based Bitcoin ETFs’ weekly record to negative outflows of over $559 million. Notably, this weekly performance was mostly inflated by the significant withdrawals seen on Thursday, February 20.

Bitcoin ETFs

Source: SoSoValue

Data from SoSoValue shows that nearly $365 million flowed out of the Bitcoin ETF market on Thursday. Withdrawals from BlackRock’s IBIT ($112 million) and Fidelity’s FBTC ($88 million) mostly accounted for the outflows seen on the day.

As mentioned earlier, this past week marked the second consecutive week of significant outflows from the US-based spot Bitcoin ETFs. The exchange-traded products registered a similar net weekly outflow of over $585 million between February 10th and 14th.

It is worth mentioning that the Ethereum ETF market also saw a net daily outflow of $8.92 million on Friday. Nonetheless, the US ETH exchange-traded funds registered a cumulative net inflow of $1.61 million in the past week.

Bitcoin Price At A Glance

The premier cryptocurrency continues to move sideways within the $94,000 – $99,000 range. As of this writing, the price of Bitcoin stands around $96,610, reflecting a mere 0.6% decline in the past 24 hours.

Related Reading: Dogecoin Price Enters ‘Boring Phase’ Of The Cycle, But It’s Not Bad News

Bitcoin ETFs

The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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Opeyemi Sule

Opeyemi Sule

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Opeyemi Sule is a passionate crypto enthusiast, a proficient content writer, and a journalist at Bitcoinist. Opeyemi creates unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi enjoys reading poetry, chatting about politics, and listening to music, in addition to his strong interest in cryptocurrency.

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