TL;DR
Bitcoin ETFs: Bitcoin funds recorded $1.28 billion in net outflows last week, marking the largest weekly withdrawal total since late June and pushing yearly net outflows to roughly $919 million.
BlackRock IBIT: The largest contributor to the decline was IBIT, which saw $1.21 billion leave the fund during the week and extended its streak of net outflows to six consecutive trading sessions.
Market Pressure: Bitcoin fell below $76,000 amid fallout from the Binance hack, post-election uncertainty, weak technology stocks, and cautious investor sentiment.
Bitcoin investment products faced another difficult week, with Bitcoin ETFs recording $1.28 billion in net outflows , their largest weekly outflow since late June. The latest figures added to an already challenging year for Bitcoin ETFs, with cumulative net outflows now reaching roughly $919 million, according to SoSoValue data . The setback follows an additional $515 million in net withdrawals reported during October. It comes amid a broader decline across crypto markets.
Investor sentiment weakened as Bitcoin slipped below $76,000 , pressured by the fallout from Binance’s $6.3 billion hack, uncertainty following the US midterm elections and a sell-off in technology stocks. Those factors combined to create another tough week for Bitcoin ETFs , which have struggled to maintain positive momentum during recent market volatility.
BlackRock Fund Drives Most of the Weekly Outflows
The largest share of the withdrawals came from BlackRock’s iShares Bitcoin Trust (IBIT) , the world’s largest Bitcoin ETF by assets . Data from Farside Investors showed that IBIT recorded $1.21 billion in net outflows over the week.
The losses extended a difficult stretch for the fund. IBIT has now posted net outflows for six consecutive trading sessions , with approximately $1.44 billion withdrawn since Oct. 30. As a result, IBIT accounted for about 95% of the weekly losses reported across Bitcoin ETFs.
Not every fund experienced the same pressure. Fidelity’s Wise Origin Bitcoin Fund (FBTC) attracted around $93 million in net inflows during the week . However, even FBTC faced volatility after nearly $200 million left the fund on Thursday. The mixed performance highlighted how investor activity remains uneven across Bitcoin ETFs despite the broader negative trend.
Market Uncertainty Weighs on Investor Sentiment
Research firm Bitfire said shifting expectations for US interest rates , political uncertainty after the midterms, and weakness in technology stocks continued to weigh on crypto assets and Bitcoin ETFs. The firm also noted that investors were reassessing the likelihood of Congress passing the CLARITY Act before the end of the year.
Additional signs of caution emerged from market indicators. Bitfire cited a Crypto Fear & Greed Index reading of 25 alongside a negative Coinbase Premium , suggesting Bitcoin was trading at a discount relative to the benchmark used by the indicator.
According to Bitfire, the market remains in a “breakdown and bottom-seeking phase . ” The firm said upcoming US inflation data and Federal Reserve signals could influence Bitcoin ETFs and crypto markets. With Bitcoin trading at around $74,000 at publication, down 5% over seven days and 3% over 24 hours , Bitcoin ETFs remain closely tied to the market’s next move.
