United States spot Bitcoin exchange-traded funds experienced $185.4 million in net capital outflows on Friday, with BlackRock’s IBIT representing $143.5 million and Fidelity’s FBTC losing $41.9 million.
US spot Bitcoin exchange-traded funds saw a total of $2.35 billion in net withdrawals across two straight weeks, with weekly redemptions exceeding $1 billion during each period.
Based on metrics from Farside Investors, spot Bitcoin products lost $1.07 billion from Monday through Friday, coming after $1.28 billion in negative flows the prior week, which marked the largest weekly pullbacks since the end of June.
The investment vehicles suffered $185.4 million in net outflows by the end of the week, declining from $284.1 million on Thursday and $299.8 million on Wednesday. BlackRock’s iShares Bitcoin Trust drove $143.5 million of Friday’s exits, whereas Fidelity’s Wise Origin Bitcoin Fund gave up $41.9 million.
Friday represented the seventh straight trading day of net capital removal, totaling roughly $1.71 billion withdrawn since November 5. The continuous withdrawals aligned with a wider market downturn as Bitcoin dropped below the $70,000 threshold during the same session.
BlackRock’s Bitcoin ETF extends losing streak to 11 sessions
The $143.5 million in net outflows from IBIT on Friday prolonged the investment product’s negative streak to 11 consecutive trading days dating back to October 30.
These recent declines pushed IBIT’s cumulative net outflows across the entire duration to approximately $2.35 billion.
For November alone, IBIT’s outflows climbed to $2.12 billion, representing nearly 90% of all net withdrawals across the spot Bitcoin ETF sector.
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Originally published at https://cointelegraph.com/markets/bitcoin-etf-outflows-2-35-billion-blackrock-11-session-streak?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound.
