The US spot Bitcoin ETFs (exchange-traded funds) endured some of the most difficult days in recent months over the past week. With the market sentiment flipping and the BTC price stalling, several US investors cashed out on their positions in the world’s largest cryptocurrency by market cap.
Breaking things down, Fidelity Wise Origin Bitcoin Fund (with the ticker FBTC) posted the most significant daily net outflows, losing more than $300 million on the day. BlackRock’s iShares Bitcoin Trust came in second, with a total daily withdrawal of $37.25 million to close the week.
VanEck Bitcoin ETF (HODL) was the only exchange-traded fund to record any activity on Friday, with a daily net outflow of $9.28 million. This negative $418.25 million performance amounted to a cumulative $902.5 million net outflow in the past week.
However, the crypto market seems to have cooled off, as seen with the price of Bitcoin over the past week. The premier cryptocurrency lost over 5% in its value, falling from around $116,000 to beneath the $110,000 level in the last seven days.
With the Bitcoin price struggling at the moment, it is no shock that the Bitcoin ETFs have seen massive withdrawals in the past week. As of this writing, the price of BTC stands at around $109,690, reflecting no significant movement in the past 24 hours.
