The US spot Bitcoin ETFs (exchange-traded funds) endured some of the most difficult days in recent months over the past week. With the market sentiment flipping and the BTC price stalling, several US investors cashed out on their positions in the world’s largest cryptocurrency by market cap.
After posting strong performances over the past few weeks, the tides appear to be shifting for the Bitcoin exchange-traded fund market, with investor appetite in the United States seemingly waning. This latest round of withdrawals ended an inflow streak of four consecutive weeks for the spot Bitcoin ETFs.
Bitcoin ETFs Register $418 Million Net Inflows
According to the latest market data, the US Bitcoin ETFs registered a daily total net inflow of $418.25 million on Friday, September 26. This performance continued the terrible run of form for the crypto-linked investment products, which recorded only a positive inflow day in the past week.
Breaking things down, Fidelity Wise Origin Bitcoin Fund (with the ticker FBTC) posted the most significant daily net outflows, losing more than $300 million on the day. BlackRock’s iShares Bitcoin Trust came in second, with a total daily withdrawal of $37.25 million to close the week.
Bitwise Bitcoin ETF (BITB) recorded a daily total net outflow of $23.79 million on Friday, while Ark & 21Shares Bitcoin ETF (ARKB) lost $17.81 million in value on the day. Grayscale Bitcoin Mini Trust (BTC) and Bitcoin Trust were the only other Bitcoin ETFs with double-digit outflows ($17.14 million and $12.57 million, respectively) on the day.
VanEck Bitcoin ETF (HODL) was the only exchange-traded fund to record any activity on Friday, with a daily net outflow of $9.28 million. This negative $418.25 million performance amounted to a cumulative $902.5 million net outflow in the past week.
Source: SoSoValue
This negative weekly performance marked the end of a streak of four consecutive weeks of positive inflows. In the previous two weeks, the US spot Bitcoin ETFs registered more than $3 billion in capital inflows, as the macroeconomic conditions shifted in favor of risk assets.
Bitcoin Price Overview
However, the crypto market seems to have cooled off, as seen with the price of Bitcoin over the past week. The premier cryptocurrency lost over 5% in its value, falling from around $116,000 to beneath the $110,000 level in the last seven days.
With the Bitcoin price struggling at the moment, it is no shock that the Bitcoin ETFs have seen massive withdrawals in the past week. As of this writing, the price of BTC stands at around $109,690, reflecting no significant movement in the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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