Bitcoin has just closed a negative ETF trading week as its funds continue to see substantial withdrawals from investors on most days of the last week.
As such, the Bitcoin ETFs have just recorded a substantial net outflow for the last week, breaking their inflow streak of three consecutive weeks.
Bitcoin ETFs record $681 million in outflows
As of October 9, which marked the end of the last ETF trading week, the broad Bitcoin ETF market recorded about $681.10 million in net outflows.
This outflow, which has come after a week of slow institutional demand, has broken a three-week streak of consecutive weekly inflows.
The negative performance witnessed this week suggests that investors have become more cautious about Bitcoin exposure following the recent market correction.
While the funds had drawn a massive inflow of nearly $2.4 billion within the last two weeks, the sudden outflows recorded this week signal a shift in sentiment among institutional investors, especially after Bitcoin faced such a sharp downtrend.
Fidelity posts highest outflow of the week
While BlackRock is always known for its dominance in the Bitcoin ETF market regardless of its performance, Fidelity has drawn the most attention this time after it recorded the largest outflow among all existing Bitcoin funds.
Over the week, the fund saw total withdrawals of up to $380.36 million, while ARK 21Shares Bitcoin ETF (ARKB) followed closely with $207.21 million in withdrawals.
BlackRock, on the other hand, saw a shift in trend as it recorded a small net inflow of $1.02 million over the period.