Spot ETFs (exchange-traded funds) in the United States have recorded their first day of net outflows in the last seven days. These negative single-day results capped another impressive weekly rally in the prices of cryptocurrency investment products.

Bitcoin ETFs shine while Ethereum ETFs continue to struggle

After performing well in October, US spot Bitcoin ETFs had a less-than-ideal start to November. According to data from SoSoValueon Friday, November 1, funds listed on the BTC exchange recorded a net outflow of $54.9 million.

Analyzing the data, surprisingly, Fidelity’s FBTC accounted for almost half ($25.64 million) of the outflow recorded on Friday. Right behind that number was Ark & 21Shares’ ARKB worth $24.13 million, marking the second consecutive day of outflows from the fund.

Grayscale’s GBTC, which typically tracks Bitcoin ETF outflow days, saw only $5.51 million in capital outflows. Other funds that saw outflows on Friday included Bitwise’s BITB, VanEck’s HODL and Valkyrie’s BRRR, with outflows of $5.64 million, $5.86 million and $1.66 million, respectively.

Interestingly, BlackRock’s IBIT exchange-traded fund saw no inflows or outflows on Friday. Prior to this zero inflow day, the trillion-dollar asset manager had seen capital inflows for the past 14 consecutive days. In fact, IBIT recorded its highest inflow day last week, with an inflow of $872 million on Wednesday, October 30.

While Bitcoin ETFs saw outflows at the end of last week, the negative one-day action barely had an impact on the weekly performance. According to SoSoValue data, US BTC funds recorded a cumulative weekly inflow of $2.22 billion last week, the highest value since March.

While Bitcoin exchange-traded funds have delivered remarkable performance in recent days, their Ethereum counterparts have been unimpressive. Following Friday’s outflow of nearly $11 million, weekly capital inflows for Ethereum spot ETFs have been reduced to around $13 million.

Bitcoin price overview

Investors will be hopeful that Bitcoin ETFs will resume inflows when trading opens on Monday, given the currency’s recent positive price impact. The BTC price nearly hit its all-time high of $73,737 on Tuesday and Wednesday as ETFs saw their highest inflows in over five months.

At the time of writing, BTC is trading just above $68,000, reflecting a 2% decline in the last 24 hours. According to CoinGecko data, the most critical cryptocurrency has increased by over 3% in the last seven days.

Featured image by Dall.e, chart from TradingView