Bitcoin ETFs shed $1.3B in biggest weekly outflow since late June
Investors pulled a net $1.21 billion from BlackRock’s IBIT last week as Bitcoin fell below $76,000 and US technology stocks sold off.
US spot Bitcoin exchange-traded funds (ETFs) recorded $1.28 billion in net outflows last week, their largest weekly withdrawals since late June.
The withdrawals brought the funds’ net outflows for the year to about $919 million, according to SoSoValue. The funds had already posted $515 million in net outflows in October.
Bitcoin fell below $76,000 last week as traders digested the fallout from Binance’s $6.3 billion hack, uncertainty after the US midterm elections and a sell-off in technology stocks.
BlackRock’s iShares Bitcoin Trust (IBIT), the world’s largest spot Bitcoin ETF by assets, recorded $1.21 billion in net outflows last week, according to Farside Investors data.
The withdrawals extended IBIT’s losing streak to six consecutive trading sessions, with approximately $1.44 billion pulled from the fund since Oct. 30. IBIT accounted for about 95% of the weekly total reported by SoSoValue.
IBIT recorded net outflows for six consecutive trading sessions through Friday, bringing withdrawals since Oct. 30 to about $1.44 billion.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) drew about $93 million in net inflows for the week, despite losing nearly $200 million Thursday.
Shifting expectations for US interest rates, uncertainty after the midterms and weakness in technology stocks weighed on crypto markets, Bitfire Research said in a statement shared with Cointelegraph.
Bitfire said investors were also reassessing whether Congress could pass the CLARITY Act before year-end.