Bitcoin ETFs shed $1.3B in biggest weekly outflow since late June

US spot Bitcoin exchange-traded funds (ETFs) recorded $1.28 billion in net outflows last week, their largest weekly withdrawals since late June.

The withdrawals brought the funds’ net outflows for the year to about $919 million, according to SoSoValue. The funds had already posted $515 million in net outflows in October.

Bitcoin fell below $76,000 last week as traders digested the fallout from Binance’s $6.3 billion hack, uncertainty after the US midterm elections and a sell-off in technology stocks.

BlackRock’s IBIT leads Bitcoin ETF outflows

BlackRock’s iShares Bitcoin Trust (IBIT), the world’s largest spot Bitcoin ETF by assets, recorded $1.21 billion in net outflows last week, according to Farside Investors data.

The withdrawals extended IBIT’s losing streak to six consecutive trading sessions, with approximately $1.44 billion pulled from the fund since Oct. 30. IBIT accounted for about 95% of the weekly total reported by SoSoValue.

IBIT recorded net outflows for six consecutive trading sessions through Friday, bringing withdrawals since Oct. 30 to about $1.44 billion.

Fidelity’s Wise Origin Bitcoin Fund (FBTC) drew about $93 million in net inflows for the week, despite losing nearly $200 million Thursday.

Bitfire flags further downside risk for Bitcoin

Shifting expectations for US interest rates, uncertainty after the midterms and weakness in technology stocks weighed on crypto markets, Bitfire Research said in a statement shared with Cointelegraph.

Bitfire said investors were also reassessing whether Congress could pass the CLARITY Act before year-end.

Bitfire cited a Crypto Fear & Greed Index reading of 25 and a negative Coinbase Premium, which indicates Bitcoin was trading at a discount on Coinbase relative to the indicator’s benchmark.

Bitfire described the market as being in a “breakdown and bottom-seeking phase,” pointing to upcoming US inflation data and signals from the Federal Reserve as factors to watch. It said that a sustained break below the $74,400–$75,000 support range could lead to further selling. 

Bitcoin traded at $74,049 at publication, below the lower end of that range. It was down 5% over seven days and 2.3% over 24 hours, according to CoinGecko.