US Bitcoin ETFs Post $1.1B Outflows As BTC Price Struggles Below $100K
US Bitcoin ETFs Post $1.1B Outflows As BTC Price Struggles Below $100K
US-based Bitcoin Exchange-Traded Funds (ETFs) have experienced substantial capital outflows, totaling over $1.11 billion in the past week. This significant withdrawal reflects a predominantly bearish market sentiment and coincides with Bitcoin's (BTC) price struggling below the psychological $100,000 mark. BTC is currently hovering around $95,500, having declined by nearly 7% in the past seven days. Leading the outflows were major spot BTC ETFs such as BlackRock's IBIT and Grayscale's GBTC, signaling intense selling pressure across the market.
Bitcoin ETFs Face Historic Outflows Amidst Price Decline
The performance of US-based Bitcoin ETFs has recently become a clear indicator of a bearish market climate, marked by consecutive weeks of substantial capital outflows. The past week alone registered a total net outflow exceeding $1.11 billion, underscoring worsening market sentiment. This significant withdrawal period has directly coincided with Bitcoin's (BTC) struggle to maintain its price above the crucial $100,000 level.
Detailed market data for Friday, November 14, revealed a daily total net outflow of over $492.1 million, extending the streak of negative outflows for crypto-linked investment products to three consecutive days. BlackRock’s iShares Bitcoin Trust (IBIT), the largest BTC ETF by net assets, spearheaded this capital exodus with over $463.1 million withdrawn. Grayscale Bitcoin Trust (GBTC) recorded the second-highest net outflow at $25.09 million. Fidelity Wise Origin Bitcoin Fund (FBTC) and WisdomTree Bitcoin Trust (BTCW) also contributed to the negative figures.
In contrast, Grayscale’s Bitcoin Mini Trust (BTC) was the sole spot Bitcoin ETF to post a capital influx on Friday, adding $4.17 million to its assets. Despite this minor positive, the overall trend points to strong selling pressure, which has led to BTC declining by nearly 7% over the past seven days. As of writing, the premier cryptocurrency is trading around $95,500. Analysts suggest that a resurgence in Bitcoin ETF demand could be pivotal for initiating a turnaround for the cryptocurrency.