Trusted editorial content reviewed by leading industry experts and experienced editors. Ad Disclosure
The last week proved to be quite volatile within the Bitcoin (BTC) market as prices retested the psychological price level of $100,000 after a sustained price correction that began in early October. Amid this price decline, US Bitcoin spot ETFs suffered a similarly turbulent fate, recording a net outflow of over $1 billion.
Bitcoin ETFs record $1.28 billion in net withdrawals as price wars proceed
According to data from SoSovalue, outflows from 12 Bitcoin ETFs reached $558.4 million on Friday, bringing total net outflows in the primary week of November to $1.28 billion. This development suggests great caution amongst institutional investors as Bitcoin strives for price stability.
The biggest outflows of the week got here from BlackRock's IBIT, which saw net outflows of $580.98 million. The investment fund now has net assets of $82.28 billion, which represents 3.97% of the overall Bitcoin market cap. Fidelity's FBTC also suffered essentially the most from investor fears as net outflows rose to $438.30 million. However, with cumulative net inflows of $12 billion, FBTC still stays the second-best performing Bitcoin spot ETF.
Other market participants with significant performances include Ark Invest's ARKB and Grayscale's GBTC, which recorded net capital outflows of $128.92 million and $64.33 million, respectively. Meanwhile, VanEck's HODL, Valkyrie's BRRR and Franklin Templeton's EZBC suffered negative money flow losses of $8 million to $13 million.
Interestingly, they’re BITB from Bitwise and BTC from Grayscale generated the week's net inflows price $4.69 million and $21.61 million, respectively. However, Invesco's BTCO, WisdomTree's BTCW, and Hashdex's DEFI all recorded zero net inflows despite strong market activity.
At press time, Bitcoin spot ETFs are actually reporting a net outflow of $1.22 billion for November. Still, the cumulative total net inflow for the 12 mutual funds stands at $59.97 billion as aggregate net assets fell 6.5% to $138.08 billion in comparison with the last week of October.
BTC price overview
At press time, Bitcoin is trading at $101,901, after a 0.98% decline within the last 24 hours. Meanwhile, the day by day trading volume has decreased by 42.62% and stands at $53.58 billion. Following last week's sharp price correction, the leading cryptocurrency is now 18.93% away from its all-time high of $126,198.
Analysts at Coincodex predict a market rally in the subsequent five days and expect BTC to achieve $129,442. However, they predict some decline after the leading cryptocurrency stabilizes at around $111,963 in a month.
BTC is trading at $101,874.03 on the day by day chart | Source: BTCUSDT chart on Tradingview.com
Featured image from Nairametrics, chart from Tradingview
Editorial process At Bitcoinist, the main target is on providing thoroughly researched, accurate, and unbiased content. We maintain strict sourcing standards and each page is rigorously reviewed by our team of top technology experts and experienced editors. This process ensures the integrity, relevance and value of our content to our readers.
