US spot Bitcoin exchange-traded funds (ETFs) recorded $2.35 billion in net outflows over two consecutive weeks, as redemptions reached more than $1 billion each week.
According to Farside Investors data, spot Bitcoin ETFs shed $1.07 billion between from Monday to Friday, following $1.28 billion in outflows the previous week, the largest weekly redemptions since late June.
The funds recorded $185.4 million in net outflows on Friday, down from $284.1 million on Thursday and $299.8 million on Wednesday. BlackRock’s iShares Bitcoin Trust (IBIT) accounted for $143.5 million of Friday’s withdrawals, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) shed $41.9 million.
Friday marked the seventh consecutive trading session of net withdrawals, with about $1.71 billion redeemed since Nov. 5. The sustained outflows coincided with broader market weakness as Bitcoin (BTC) fell below $70,000 on the same day.
BlackRock’s Bitcoin ETF extends losing streak to 11 sessions
IBIT’s $143.5 million in net outflows on Friday extended the fund’s withdrawal streak to 11 consecutive trading sessions since Oct. 30.
The latest losses brought IBIT’s total net outflows during the streak to about $2.35 billion.
IBIT’s November outflows reached $2.12 billion, accounting for roughly 90% of the spot Bitcoin ETF market’s net withdrawals.
Related: Adam Back makes case for simpler security as Blockstream launches Bitcoin custody system
Be the first to comment