Although the cryptocurrency market remains depressed, the upward trend in Bitcoin and Ethereum spot ETFs continued last week.
Bitcoin and Ethereum spot ETFs hit hard: third consecutive week of net outflows
According to data from SoSoValue, there was a net outflow of $1.11 billion from the Bitcoin Spot ETF from November 10th to 14th. This is the third consecutive week of outflows from Bitcoin ETFs.
The Bitcoin spot ETF with the highest weekly inflows was ARKB, operated in partnership with Ark Invest and 21Shares. The fund had $1.68 million in net inflows last week, bringing its historical net inflows to $1.91 billion.
The biggest outflow occurred at BlackRock's IBIT fund. IBIT recorded net outflows of $532 million this week, while historical net inflows decreased to $63.79 billion. Grayscale Bitcoin Mini Trust (BTC) came in second place with $290 million in outflows.
As of this writing, the total net assets of the Bitcoin Spot ETF are $125.34 billion, accounting for 6.67% of Bitcoin's market capitalization. Cumulative net inflows into Bitcoin ETFs totaled $58.85 billion.
Ethereum slumped even further. The Ethereum Spot ETF recorded net outflows of $729 million last week, the third-highest weekly outflow on record. None of the nine Ethereum ETFs recorded inflows.
The biggest outflow this week was from the BlackRock ETHA fund. ETHA experienced net outflows of $421 million, bringing total historical net inflows to $13.45 billion. Grayscale Ethereum Mini Trust (ETH) came in second place with $135 million in outflows.
The Ethereum ETF has a total net asset value of $20 billion, accounting for 5.42% of Ethereum's market capitalization. The cumulative net inflow was $13.13 billion.
*This is not investment advice.
