Bitcoin ETFs Hit $1B in Withdrawals Amid $100K Price Test

Last week brought considerable turbulence to the Bitcoin (BTC) landscape, with the cryptocurrency making a notable attempt to retest the critical psychological threshold of $100,000. This price movement followed a prolonged correction that started in early October. Concurrently, U.S. Bitcoin Spot ETFs experienced significant challenges, with net outflows exceeding $1 billion during this tumultuous period.

Bitcoin ETFs Experience $1.28 Billion in Net Withdrawals Amid Ongoing Price Struggles

As per data from SoSovalue, the capital outflows from 12 Bitcoin ETFs totaled $558.4 million on Friday alone, bringing the cumulative net withdrawals for the first week of November to a staggering $1.28 billion. This trend suggests a growing wariness among institutional investors as Bitcoin seeks to regain price stability.

The most substantial outflows of the week were attributed to BlackRock's IBIT, which faced net withdrawals amounting to $580.98 million, leaving it with net assets of $82.28 billion and representing 3.97% of the overall Bitcoin market capitalization. Similarly, Fidelity's FBTC felt the impact of investor apprehension, suffering a net outflow of $438.30 million. Nevertheless, with total net inflows of $12 billion, FBTC remains the second-best performing Bitcoin spot ETF in the market.

Among other notable players, Ark Invest's ARKB and Grayscale's GBTC saw net capital outflows of $128.92 million and $64.33 million, respectively. Additionally, VanEck's HODL, Valkyrie's BRRR, and Franklin Templeton's EZBC recorded negative cash flow losses ranging from $8 million to $13 million.

In a surprising twist, Bitwise's BITB and Grayscale's BTC managed to achieve net inflows, valued at $4.69 million and $21.61 million, respectively. However, Invesco's BTCO, WisdomTree's BTCW, and Hashdex's DEFI did not report any net inflows, despite a highly active market.

As of the latest updates, the Bitcoin Spot ETFs reflect a net outflow of $1.22 billion for November. Nonetheless, the total cumulative net inflow for the 12 investment funds stands at an impressive $59.97 billion, even as their aggregated net assets have fallen to $138.08 billion, marking a 6.5% decrease from the previous week in October.

Current BTC Price Analysis

As of the latest data, Bitcoin is trading at $101,901, reflecting a 0.98% decline over the past 24 hours. The daily trading volume has also dropped significantly by 42.62%, amounting to $53.58 billion. Following last week's sharp price correction, the leading cryptocurrency is now approximately 18.93% below its all-time peak of $126,198.

Analysts at Coincodex anticipate a potential market rebound within the next five days, forecasting that BTC could reach $129,442. However, they also predict a slight retracement, suggesting Bitcoin could stabilize around $111,963 within a month.