US spot Bitcoin ETFs record $1.28 billion in weekly outflows
US spot Bitcoin exchange-traded funds posted $1.28 billion in net outflows last week, marking their steepest weekly withdrawals since late June. According to data from SoSoValue, the retrenchment pushed total net outflows for the year to roughly $919 million, following on from $515 million pulled in October.
The weekly exodus was overwhelmingly driven by BlackRock’s iShares Bitcoin Trust (IBIT), the largest fund by assets, which lost $1.21 billion—representing about 95% of the weekly total. IBIT saw withdrawals across six consecutive trading sessions through Friday, bringing redemptions since October 30 to $1.44 billion. In contrast, Fidelity’s Wise Origin Bitcoin Fund (FBTC) proved resilient, taking in approximately $93 million in net inflows despite shedding nearly $200 million on Thursday.
The capital flight unfolded as Bitcoin slid below $76,000 to trade near $74,049. Market sentiment deteriorated following a $6.3 billion hack of cryptocurrency exchange Binance, a sell-off in technology equities, and political uncertainty following the US midterm elections. Bitfire Research noted that shifting interest rate outlooks, doubts over whether Congress will pass the CLARITY Act before year-end, and a Crypto Fear & Greed Index reading of 25 have left the market in a breakdown and bottom-seeking phase.
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