Bitcoin ETFs Record Fourth Consecutive Outflow Day

The US-based spot Bitcoin ETFs (exchange-traded funds) recorded their second consecutive week of significant outflows over the last five-day trading period.

US-based spot Bitcoin ETFs (exchange-traded funds) saw their second week in a row of significant outflows during the last five-day trading period.

This recent string of outflows reflects the shifting investor sentiment in the United States. Over the past year, strong inflows into the US Bitcoin ETF market have been consistently linked with positive price action for BTC.

Bitcoin ETFs Record Fourth Consecutive Day Of Outflows

The latest market data shows that US Bitcoin ETFs recorded a total daily outflow of $62.77 million on Friday, February 21.

This marks the fourth day in a row (and the eighth day in the last nine trading days) that the crypto-linked products witnessed a net capital outflow.

Of Friday’s total outflows, the Grayscale Bitcoin Trust (ticker: GBTC) accounted for a larger portion, recording over $60 million in outflows to close the week.

The second-highest outflows on Friday were observed in the Bitwise Bitcoin ETF (BITB), which lost $16.58 million in total assets.

Fidelity Bitcoin Fund (FBTC) was the only other exchange-traded fund that saw net outflows ($12.47 million) on Friday.

Interestingly, BlackRock’s IBIT (the largest Bitcoin ETF by net asset) and VanEck’s CBOE both posted positive capital inflows, to the tune of $21.64 million and $4.71 million, respectively.

These single-day net outflows, to the tune of $62.77 million, brought the weekly total for US-based Bitcoin ETFs to over $559 million in outflows.

However, it’s worth noting that this weekly performance was largely driven by the massive outflows observed on Thursday, February 20.

Data from SoSoValue showed that nearly $365 million flowed out of the Bitcoin ETF market on Thursday.

These outflows were primarily driven by withdrawals from BlackRock’s IBIT ($112 million) and Fidelity’s FBTC ($88 million).

As mentioned earlier, this past week marked the second week in a row of significant outflows from US-based spot Bitcoin ETFs.

During the previous week, the exchange-traded products had registered a similar net weekly outflow of over $585 million between February 10th and 14th.

It’s also worth mentioning that the Ethereum ETF market saw a net daily outflow of $8.92 million on Friday.

However, over the past week, US ETH exchange-traded funds registered a total net inflow of $1.61 million.

Bitcoin Price At A Glance

At the time of writing, the premier cryptocurrency is trading within a narrow range of $94,000 – $99,000.

The price of Bitcoin has seen minimal price movement in either direction over the past day, with a slight decline of 0.6% in the past 24 hours.