Spot Bitcoin and Ethereum exchange-traded funds bled almost $1.5 billion combined over the past five business days, with the Bitcoin products accounting for the bulk of the withdrawals while their Ethereum counterparts extended a losing streak that stretches back to early October.
The outflows came as the two largest cryptocurrencies fell sharply, with Bitcoin dropping from $81,000 to $62,000 over the past ten days and Ether touching a three-month low of just over $1,700 on Saturday.
Bitcoin ETFs Lose $2.35 Billion Over Two Weeks
The trouble for the spot Bitcoin ETFs began in the first full week of November, when investors pulled $1.28 billion from the funds. The selling continued into the following week, which opened with more than $201 million in net outflows on November 9.
Daily redemptions then totaled $95 million on Tuesday, $300 million on Wednesday, $284 million on Thursday and $185.45 million on Friday.
All told, the funds recorded $1.07 billion in net withdrawals for the week, bringing the two-week total to $2.35 billion. Cumulative net inflows into the spot Bitcoin ETFs have fallen from $57 billion on October 30 to $54.63 billion as of November 13. Only one of the 10 business days in November so far has ended with positive net flows.
Ethereum ETFs Post Seventh Straight Negative Week
The spot Ethereum ETFs have not recorded a single positive week since their outflow streak began at the end of September and in early October. The past five sessions followed the same pattern, with the exception of a small gain on Friday.
- Monday was the weakest session, with $184.51 million leaving the funds.
- Tuesday saw a modest $1.32 million in net outflows.
- Wednesday brought another $144.81 million in withdrawals.
- Thursday added $70.57 million in net redemptions.
- Friday reversed the trend slightly, recording $2.36 million in net inflows.
The week's redemptions totaled roughly $400 million, extending the adverse streak to seven weeks in a row. Cumulative net inflows into the Ethereum funds have dropped from $13.94 billion at the end of September to $11.52 billion as of November 13.
