U.S. spot Bitcoin ETFs experienced a significant wave of net outflows on Friday, totaling $558.4 million—the highest single-day outflow since August 1. This movement occurred as Bitcoin’s price remains near the $100,000 mark, currently trading at approximately $101,985.
Among the major funds, Fidelity’s FBTC fund saw the largest individual outflow, logging $256.7 million in net withdrawals. Ark & 21Shares’ ARKB fund followed with outflows of $144.2 million, marking the second-highest amount despite being the largest outflow relative to its overall assets under management. BlackRock’s IBIT fund, recognized as the industry leader, reported $131.4 million in outflows, positioning it third in terms of dollar value lost.
This downturn extended the trend of net outflows over recent trading days, marking the seventh out of the last eight days that the funds have lost assets. This follows a brief period of inflows on Thursday, during which IBIT, FBTC, and ARKB had previously recorded the most significant inflows among Bitcoin ETFs.
The current market dynamics appear to be impacting IBIT’s market share, which has dropped to approximately 73.2%, down from a three-month peak of 82.3% seen in mid-September. The IBIT fund alone holds nearly 4% of all Bitcoin in existence.
As for Bitcoin’s price, it has remained relatively stable over the past day, with a slight decline of about 0.62%. Looking ahead, some analysts, including those from JPMorgan, have raised optimistic projections, suggesting that Bitcoin’s price might rise to around $170,000 within the next six to twelve months.
In contrast, while spot Ethereum ETFs recorded modest outflows of $46.6 million, spot Solana ETFs are maintaining a robust inflow streak. On Friday, Solana ETFs saw inflows of $12.7 million, continuing a nine-day trend. Much of this capital is headed toward Bitwise’s BSOL fund, which has accumulated a total of $323.8 million in net inflows since its launch on October 28. In comparison, Grayscale’s GSOL fund has only garnered $11.9 million in cumulative net inflows since its subsequent launch, despite charging a higher management fee.
In the broader market, Solana’s price has also experienced a downturn, currently down about 2.9% in the last 24 hours, resting at $157.66.
As this financial landscape evolves, stakeholders in the cryptocurrency sector are closely monitoring shifts, which could present significant investment opportunities and risks in the near future.
