Bitcoin ETF outflows reached $2.35 billion over two consecutive weeks. Specifically, redemptions topped $1 billion each week.
US spot Bitcoin ETFs shed $1.07 billion from Monday to Friday. That followed $1.28 billion the previous week. According to Farside Investors, that was the largest weekly redemption since late June.
Bitcoin ETF outflows extend to seventh session
The funds recorded $185.4 million in net outflows on Friday. That was down from $284.1 million on Thursday and $299.8 million on Wednesday.
BlackRock’s iShares Bitcoin Trust accounted for $143.5 million of Friday’s withdrawals. Fidelity’s Wise Origin Bitcoin Fund shed $41.9 million.
Friday marked the seventh straight trading session of net withdrawals. Consequently, about $1.71 billion left since November 5. The sustained outflows coincided with broader market weakness. Bitcoin fell below $70,000 the same day.
IBIT extends losing streak to 11 sessions
IBIT’s $143.5 million in outflows extended its withdrawal streak to 11 sessions. That streak began on October 30. The latest losses brought IBIT’s total outflows during the streak to about $2.35 billion.
Furthermore, IBIT’s November outflows reached $2.12 billion. That accounts for roughly 90% of the spot Bitcoin ETF market’s net withdrawals.
Key takeaway
Bitcoin ETF outflows hit $2.35 billion over two weeks. IBIT drove most of the selling with an 11-session streak. Therefore, traders should watch whether outflows slow and Bitcoin reclaims $70,000.
