The Bitcoin (BTC) market has been very volatile over the past week, with the price retesting the psychological $100,000 price level following a sustained price correction that began in early October. Amid this price decline, the US Bitcoin spot ETF suffered a similarly tumultuous fate, recording net outflows of over $1 billion.
The Bitcoin ETF recorded a net withdrawal of $1.28 billion as the price struggle continued.
Capital outflows from 12 Bitcoin ETFs reached $558.4 million on Friday, bringing total net outflows for the first week of November to $1.28 billion, according to data from SoSovalue. These developments indicate significant caution among institutional investors as Bitcoin tries to find price stability.
The biggest outflow this week came from BlackRock’s IBIT, which suffered a net withdrawal of $580.98 million. Currently, the investment fund has net assets of $82.28 billion, accounting for 3.97% of the total Bitcoin market capitalization. Fidelity’s FBTC also took a hit on investor fears as net outflows rose to $438.3 million. However, with cumulative net inflows of $12 billion, FBTC still remains the second-best Bitcoin spot ETF.
Other market participants that performed significantly included 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 cash flow losses ranging from $8 million to $13 million.
Interestingly, Bitwise’s BITB and Grayscale’s BTC Net inflows for the week amounted to $4.69 million and $21.61 million, respectively. However, Invesco’s BTCO, WisdomTree’s BTCW, and Hashdex’s DEFI all recorded zero net flows despite robust market activity.
As of press time, the Bitcoin Spot ETF is reporting net outflows of $1.22 billion in November. Nevertheless, the cumulative net inflow of the 12 investment funds was $59.97 billion, and the cumulative net assets were $138.08 billion, down 6.5% from the previous week in October.
BTC price overview
At press time, Bitcoin is trading at $101,901 after falling 0.98% over the past 24 hours. Meanwhile, daily trading volume decreased by 42.62%, reaching $53.58 billion. After last week’s intense price correction, the leading cryptocurrency is now 18.93% off its all-time high of $126,198.
Coincodex analysts predict a market recovery in the next five days, with BTC expected to reach $129,442. However, they expect a slight retracement after forcing the leading cryptocurrency to stabilize at around $111,963 per month.
Featured image from Nairametrics, charts from Tradingview
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