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ARBBitcoin ETFs lose $1.28bn in a week as IBIT drives withdrawals
US spot Bitcoin ETFs posted their largest weekly net outflows since late June, with BlackRock's IBIT accounting for about 95% of the withdrawals as Bitcoin fell below $76,000.
Key points
- US spot Bitcoin ETFs recorded $1.28bn in net outflows in the week of 2 November, taking year-to-date outflows to about $919m, per SoSoValue.
- BlackRock's IBIT lost $1.21bn over the week, a six-session losing streak and about $1.44bn pulled since 30 Oct.
- Fidelity's FBTC took in about $93m for the week, and Bitcoin traded at $74,049, down 5% over seven days.
US spot Bitcoin ETF outflows reached $1.28bn in the week of 2 November, the largest weekly withdrawals since late June, Cointelegraph reports. The redemptions pushed the funds' net outflows for the year to about $919m, according to SoSoValue, after $515m of net outflows in October.
BlackRock's iShares Bitcoin Trust (IBIT) drove the move, with $1.21bn in net outflows, Farside Investors data show. That extended its losing run to six consecutive trading sessions and brought withdrawals since 30 Oct to about $1.44bn. IBIT made up roughly 95% of the weekly total.
Live updates on NewsFeeds:ETFsBitcoinDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
How this was produced: an AI model wrote this summary of Cointelegraph’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.
Not investment advice. Read the risk disclaimer.