BTC, ETH stage recovery despite ETFs recording $1.2 billion in outflows

Since last week, Bitcoin exchange-traded funds have recorded $1.2 billion in outflows even as major Wall Street firms increase their bets. Nonetheless, Bitcoin and Ethereum have recouped their recent losses.

Spot Bitcoin exchange-traded funds recorded outflows worth $558.44 million on Friday last week, bringing the week’s total outflows to $1.2 billion. According to data from ETF tracking platform SosoValue, Fidelity (FBTC) led the firms with negative flows worth $256 million, while Ark & 21Shares (ARKB) followed with $144.24 million.

BlackRock’s iBIT sees $131.43 million in net outflows

BlackRock’s iShares Bitcoin Trust ETF came in third with $131.43 million, while Grayscale’s GBTC and Bitwise’s BITB registered outflows worth $15.44 million and $10.68 million, respectively. Grayscale (BTC), VanEck (HODL), Invesco (BTCO), Valkyrie (BRRR), Franklin (EZBC), Wisdom Tree (BTCW), and Hashdex did not record any flows on Friday.

Similarly, data from Sosovalue also shows that Ethereum ETFs registered negative flows last week. The firms recorded outflows worth $46.62 million on Friday, bringing their net outflows for the week to a little over half a billion.

In contrast, Solana ETFs outperformed Bitcoin and Ethereum ETFs last week. The data shows that the ETFs have had a streak of positive flows since their inception on October 28. On Friday, the ETFs recorded inflows worth $12.69 million, bringing the total inflows for the week to $136.5 million.

The prices of Bitcoin and Ethereum have sharply recovered and reversed recent losses brought on by macroeconomic uncertainties, despite the poor flows of spot ETFs. According to crypto price tracking platform CoinMarketCap, Bitcoin is up 4% in the last 24 hours, shedding its seven-day loss to 1.48%. The crypto asset is currently exchanging hands for $106,371.49.

On the other hand, Ethereum is up 4.92% in the last 24 hours and down 3.47% in the last 7 days. The crypto asset is currently trading at $3,607. Solana has surged by 5.05% in the last 24 hours, reducing its seven-day losses to 4.62%. SOL’s current market price is $167.69, and the crypto asset holds the sixth position among the largest cryptocurrencies by market capitalization.

Wall Street’s growing interest in crypto continues

Despite the recent performance of Bitcoin and Ethereum ETFs, Wall Street continues to show significant interest in the crypto ecosystem. BlackRock’s Bitcoin ETF continues to lead inflows this year with $82.28 billion in net assets under management. FBTC follows IBIT with $20.71 billion in net assets, while GBTC trails closely behind with $17.72 billion in net assets. The firms now cumulatively hold $138.08 billion in net assets under management.

Fidelity and VanEck have also expanded their spot product lines, while Bitwise and Grayscale pioneered Solana ETFs in late October. These ETFs have experienced a surge in demand since their inception, attracting nearly $70 million on the first day of trading. The firms have drawn a little over half a billion dollars from investors at the time of this publication, according to SosoValue.

Spot XRP ETFs set to launch in the US this month

Five spot XRP ETFs from Canary Capital, CoinShares, 21Shares, Franklin Templeton, and Bitwise also recently appeared on DTCC’s list, which was last updated on Friday. Cryptopolitan recently reported that the ETFs are expected to hit the U.S. market by the end of November and will include both active and pre-launch ETFs. 

Nate Geraci, co-founder and President of Nova Dius Wealth, said that the end of the government shutdown paves the way for an imminent surge in spot crypto ETFs. Geraci also emphasized that the first ’33 Act spot XRP ETF could be unveiled as early as this week.

Sign up to Bybit and start trading with $30,050 in welcome gifts