US spot Bitcoin ETFs have recorded $2.35 billion in net outflows over two consecutive weeks. BlackRock's IBIT has now lost money for 11 straight trading sessions, and Bitcoin fell below $70,000 on Friday.
US spot Bitcoin ETFs recorded $2.35 billion in net outflows over two consecutive weeks, with redemptions topping $1 billion in each of them.
According to Farside Investors data, the funds shed $1.07 billion between Nov. 9 and Nov. 13, after $1.28 billion in outflows the week before. That earlier figure was the largest weekly redemption total since late June.
Friday's outflows extend a seven-session run
The funds posted $185.4 million in net outflows on Friday, down from $284.1 million on Thursday and $299.8 million on Wednesday. BlackRock's iShares Bitcoin Trust (IBIT) accounted for $143.5 million of the withdrawals, while Fidelity's Wise Origin Bitcoin Fund (FBTC) shed $41.9 million.
Friday was the seventh consecutive session of net withdrawals, with about $1.71 billion redeemed since Nov. 5. The outflows coincided with broader market weakness, as Bitcoin fell below $70,000 on the same day.
IBIT's losing streak reaches 11 sessions
IBIT's Friday outflows extended the fund's withdrawal streak to 11 consecutive trading sessions since Oct. 30. Total net outflows over the streak reached about $2.35 billion, after crossing the $2 billion mark on Wednesday.
The fund shed $908.4 million during the latest week, following approximately $1.21 billion in withdrawals the previous week. Its November outflows of $2.12 billion made up roughly 90% of the broader Bitcoin ETF market's net withdrawals for the month.
Source: Cointelegraph
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