Capital inflows into US-based spot Bitcoin ETFs (exchange-traded funds) have slowed over the past few days, mirroring the waning momentum in the cryptocurrency market at the moment. With global trade tensions resurfacing in the past few days, investors appear to be approaching the world’s largest crypto market and other risk assets with some level of caution.
Leading the pack, BlackRock’s IBIT (the largest BTC exchange-traded fund by net assets) posted a daily total net outflow of $430.82 million to close the week. This Friday’s performance snaps its longest streak of inflows yet (34 days of capital influx), albeit with three days of zero netflow.
Meanwhile, ARK 21Shares Bitcoin ETF (with the ticker ARKB) came in second, with a daily cumulative outflow of $120.14 million on Friday. Bitwise Bitcoin ETF (BITB), Grayscale Bitcoin Mini Trust (BTC), and Fidelity Wise Origin Bitcoin Fund (FBTC) were the only other US-based Bitcoin ETFs that recorded any activity on the day, registering $35.33 million, $16.22 million, and $13.71 million, respectively, to close the week.
The exchange-traded funds’ performances in the last two trading days of the week pushed the ETFs’ weekly record into negative territory. As mentioned earlier, the US Bitcoin ETF market witnessed over $157 million in total net outflows in the past week, putting an end to a six-week streak of positive capital influx (over $9 billion inflows).
As of this writing, the price of BTC stands at around $104,424, reflecting a mere 0.4% increase in the past 24 hours. According to data from CoinGecko, the flagship cryptocurrency has lost nearly 3% of its value in the last seven days.
