Bitcoin ETFs End 2-Week Losing Streak

US spot Bitcoin ETFs recorded $301 million in weekly net inflows, ending a 2-week outflow streak, while Bitcoin fell 1.1% in the 24-hour timeframe to $80,490. Total cryptocurrency market capitalization fell 1.2% to $2.79 trillion, while 24-hour trading volume stood at approximately $18.8 billion.

Why did Bitcoin ETF inflows slow down?

Despite the weekly recovery in fund flows, sharp selloffs occurred in recent days. Spot funds, which recorded an uninterrupted inflow streak of $1.07 billion from Monday through Wednesday, saw the largest single-day capital outflow of October on Thursday with $635.6 million. With the $137.9 million outflow recorded on Friday, 2-day losses reached $773.5 million. Thus, although the funds ended the week in positive territory, they remained approximately $314 million in the red for October overall. Total cumulative net inflows since the launch in January 2024 stand at $57.6 billion, while the funds' total net asset value stands at $100.2 billion.

How are expectations shaping up in the crypto market?

The weakness in the market was accompanied by mounting selling pressure across global assets midweek. With crude oil prices rising above $111 per barrel and artificial intelligence-focused technology stocks declining, risk appetite for crypto assets was dampened. In October, historically considered a strong period for crypto investors, fund flows briefly turned positive midweek, but returned to negative territory following macro volatility.

A pullback trend was also observed in major cryptocurrencies. Ethereum dropped 2.6% to $2,344, while 24-hour trading volume reached approximately $9.4 billion. Although spot Ethereum funds saw limited inflows of $4.4 million on Friday, they completed the week with net outflows of $221 million, bringing total losses in October to $1.18 billion. Meanwhile, Solana fell 2.8% to $101. Following an $8.9 million outflow on Thursday, spot Solana funds had a neutral day on Friday, with October net outflows reaching $68 million.

This content is for information purposes only and does not constitute investment advice.