Last week proved quite volatile in the Bitcoin (BTC) market as prices retested the psychological $100,000 price level following a sustained price correction that began in early October. Amid this price decline, the US Bitcoin Spot ETFs suffered a similar tumultuous fate, registering a net outflow of over $1 billion.
The largest outflows of the week came from BlackRock’s IBIT, which suffered net withdrawals of $580.98 million. The investment fund now holds net assets of $82.28 billion, accounting for 3.97% of the total Bitcoin market cap. Fidelity’s FBTC also suffered the heavy brunt of investors’ fear as net outflows climbed to $438.30 million. However, with cumulative net inflows of $12 billion, FBTC still remains the second-best performing Bitcoin spot ETF.
At press time, the Bitcoin spot ETFs now report a net outflow of $1.22 billion for November. Nevertheless, the cumulative total net inflow for the 12 investment funds is valued at $59.97 billion, as aggregated net assets drop to $138.08 billion by 6.5% from last week in October.
At press time, Bitcoin trades at $101,901 after a 0.98% decline in the past 24 hours. Meanwhile, daily trading volume is down by 42.62% and valued at $53.58 billion. Following the intense price correction of the last week, the premier cryptocurrency is now 18.93% away from its all-time high of $126,198.
