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Almost $1.5 Billion Withdrawn From Bitcoin and Ethereum ETFs in a Single Week

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It’s almost an understatement at this point, as the spot Bitcoin ETFs started in November on the wrong foot, and the losses were exacerbated over the past week, with more than $1 billion in net withdrawals.

The landscape around the Ethereum counterparties is identical, but there was a tiny light at the end of the tunnel on Friday.

BTC ETFs Bleed $2.3B in 2 Weeks

Given the price calamity that the underlying asset went through in the past ten days — more precisely, dumping from $81,000 to $62,000 — we already listed the net outflows from the spot BTC ETFs as one of the possible reasons behind the crash. In this article, we will explore in greater detail the actual losses.

It all began during the first full week of November, when investors pulled $1.28 billion out of the funds. The streak extended as the new week began with over $201 million in net outflows on November 9. Another $95 million followed on Tuesday, $300 million on Wednesday, $284 million on Thursday, and $185.45 million on Friday.

The end result was quite emphatic: $1.07 billion in net withdrawals in a single week and $2.35 billion out in the past two weeks. The cumulative total net inflows have dropped from $57 billion on October 30 to $54.63 billion on November 13. So far, there has been only one day in the green out of 10 business days in November.

Spot Bitcoin ETFs Net Flows. Source: SoSoValue
Spot Bitcoin ETFs Net Flows. Source: SoSoValue

ETH ETFs Still in Red, but…

The negative streak for the spot Ethereum ETFs actually began at the end of September/early October. The funds haven’t seen a single green week since then. The past five business days didn’t go well either, despite a little bit of hope on Friday.

Monday was the poorest day, with $184.51 million leaving the funds. A very modest $1.32 million in net outflows followed on Tuesday, but the withdrawals ramped up on Wednesday with another $144.81 million and $70.57 million on Thursday. The small glimmer of hope came on Friday, which was actually a green day. However, a very modest one, with just $2.36 million in net inflows.

Consequently, the adverse streak was extended to seven in a row, with the total cumulative net inflows dropping from $13.94 billion at the end of September to $11.52 billion as of November 13. Meanwhile, ETH’s price tanked hard, dipping to just over $1,700 on Saturday, a three-month low.

Spot Ethereum ETF Flows. Source: SoSoValue
Spot Ethereum ETF Flows. Source: SoSoValue

 

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