U.S.-approved spot Bitcoin exchange-traded funds (ETFs) concluded their last business week, November 25 – November 29, with an outflow of $138 million. Although the funds recorded two inflow days in the week, the other days were unfavorable as investors sold over $500 million within the first two days.
Following the unfavorable week, bitcoin’s (BTC) price has dropped by about 3% and struggles to stay above $95,000.
First Bearish Week Since October
Notably, the just-concluded business marked the first outflow week for the Bitcoin ETFs after a long seven-week inflow streak that started in early October. With Bitcoin and crypto optimism rising before, during, and a few weeks after the U.S. presidential election, the funds recorded massive historic inflows.
The worst day for the bearish ETF week was Monday when the funds lost over $435 million. Bitwise BITB was at the forefront with $280 million outflows, followed by Grayscale’s GBTC, Fidelity’s BTC, and Ark 21Shares ARKB, which collectively bled $403.8 million. After that, they lost $122.8 million on Tuesday.
The funds recorded inflows of $103 million and $320 million on Wednesday and Friday, but the earlier outflows were about 30% higher, leading to a $138 million loss.
BlackRock’s Bitcoin ETF, IBIT, and Grayscale’s Mini Bitcoin Trust, BTC, stood out in the business week as investors poured in $405.3 million and $25.8 million, respectively. Both funds did not record any outflows.
Despite the outflows, the funds have reached a net inflow of $30.67 billion within 11 business months in the American financial market.
BTC at $95,000
Starting the new week, the world’s leading cryptocurrency backing the ETFs has seen a 4% price drop from its latest all-time high above $99,000. It trades at $95,000 per BTC as investors expect further price correction before deciding on the next move.
Notably, the BTC jump to $99k, fueled by increasing ETF investments and a favorable U.S. presidential election, plays out predictions by famous veteran crypto investors and analysts.
Three months ago, Bernstein analysts predicted that the apex coin would soar to $90k if Donald Trump secures the position of the 47th President of the United States. However, the analyst’s forecast of $150,000 BTC this year seems unachievable as the crypto has struggled to pass the six-figure mark after many attempts.
Meanwhile, American author Robert Kiyosaki is looking forward to a price dump to $60k before BTC’s further uptrend.
