A Shift in Sentiment
After three straight weeks of investors pouring money into Bitcoin ETFs, the tide has turned. Last week saw a net outflow of $301 million from US Bitcoin ETFs, marking the first weekly outflow since September 6th.
This change in investor behavior comes after Bitcoin and other cryptocurrencies reversed most of their September gains in October.
A Closer Look at the Numbers
While Friday saw $25.59 million flow into Bitcoin ETFs, this wasn’t enough to offset the significant outflows earlier in the week.
- Tuesday: $242.53 million outflow
- Wednesday: $91.76 million outflow
- Thursday: $54.13 million outflow
The total value of US Bitcoin ETFs now sits at $57.73 billion, a 5.68% drop from the previous week.
Ethereum ETFs Follow Suit
Ethereum ETFs also experienced a net outflow last week, totaling $30.69 million. This follows a pattern of outflows for Ethereum ETFs, which have only seen two weeks of net inflows since their launch.
The Big Picture
While Bitcoin ETFs currently hold $57.73 billion worth of Bitcoin (4.68% of the total market cap), the recent outflows signal a shift in investor sentiment. It remains to be seen whether this trend will continue or if investors will return to Bitcoin ETFs in the coming weeks.
