Bitcoin ETFs Shine While Ethereum ETFs Continue To Struggle

After a strong performance throughout the month of  October, the US-based spot Bitcoin ETFs didn’t register a perfect start to November.

Bitcoin exchange-traded funds (ETFs) in the United States recorded their first net outflow day in the past seven days, as revealed by data from SoSoValue. This negative single-day performance ended what was another impressive weekly outing for the crypto investment products.

After a strong performance throughout the month of October, the US-based spot Bitcoin ETFs didn’t register a perfect start to November. As reported earlier, these ETFs posted record-breaking inflows in October, largely driven by the launch of BlackRock’s IBIT fund.

However, as per the latest data, these ETFs posted a net outflow of $54.9 million on Friday, November 1. Breaking down the data, Fidelity’s FBTC surprisingly accounted for almost half ($25.64 million) of the outflow recorded on Friday.

This figure was followed closely by Ark & 21Shares’ ARKB’s $24.13 million, marking the second consecutive outflow day for the fund.

Bitcoin ETFs Outflows Led By Fidelity, Ark & 21Shares

Interestingly, Grayscale’s GBTC, which usually contributes to the outflow days for the Bitcoin ETFs, recorded only $5.51 million in capital outflow. Other funds that recorded an outflow on Friday included Bitwise’s BITB, VanEck’s HODL, and Valkyrie’s BRRR, with outflows of $5.64 million, $5.86 million, and $1.66 million, respectively.

BlackRock’s exchange-traded fund IBIT didn’t see any inflow or outflow on Friday. Prior to this zero-inflow day, the trillion-dollar asset manager’s fund had seen capital influx for the last 14 consecutive days.

In fact, IBIT posted its highest inflow day in the past week, with an influx of $872 million on Wednesday, October 30. As reported by us earlier, IBIT had seen almost $11 billion in capital influx since its launch in March.

Bitcoin ETFs Outflows Barely Impact Weekly Inflows

While the Bitcoin ETFs posted outflows to end the previous week, the negative single-day action barely made an impact on the weekly performance.

According to data from SoSoValue, the US BTC funds registered a $2.22 billion cumulative weekly inflow in the past week, the highest value since March.

As covered earlier, these ETFs began the week with record-breaking inflows, largely driven by the launch of BlackRock’s IBIT fund and improving price action for the coin.

However, the capital inflows slowed down in the latter half of the week, with these funds posting outflows on Thursday and Friday.

Bitcoin ETFs vs Ethereum ETFs Performance

While the Bitcoin exchange-traded funds have been producing remarkable performance in recent days, their Ethereum counterparts have not exactly impressed.

After witnessing an almost $11 million outflow on Friday, the weekly capital influx was slashed to approximately $13 million for the spot Ethereum ETFs.

As reported earlier, these ETFs began the week with outflows, as the majority of the funds saw capital outflows on Monday and Tuesday.

However, the capital outflows were reversed later in the week by the record-breaking inflows into ARK 21Shares ETF Trust IV (ETHE).

At the time of writing, the price of Ethereum is down by almost 1%, while the coin has risen by more than 7% in the last seven days.

The price of BTC almost touched its all-time high of $73,737 on Tuesday and Wednesday when the ETFs recorded their highest inflows in more than five months. As reported by us earlier, the price of the coin was almost touching $74,000 on Wednesday.

However, the coin faced selling pressure at higher levels, which led to the capital inflows slowing down in the latter half of the week.

At the time of writing, the price of BTC sits just above $68,000, reflecting a 2% dip in the past 24 hours. According to data from CoinGecko, the premier cryptocurrency is up by more than 3% in the last seven days.

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