US spot Bitcoin ETFs recorded US$907.4 million in net outflows over two weeks, with US$82.4 million exiting on Friday. BlackRock's iShares Bitcoin Trust (IBIT) accounted for US$71.8 million of Friday's withdrawals, while Fidelity's Wise Origin Bitcoin Fund (FBTC) saw US$10.6 million in outflows. Weekly outflows slowed from US$679 million to US$228.4 million. Wednesday saw US$261.4 million in net outflows, coinciding with the release of US inflation figures showing a 3.7% year-on-year price rise, up from 3.4% in August. Concerns about persistent inflation amid the ongoing energy crisis and conflicts in the Middle East and Ukraine contributed to the outflows.
BlackRock and Fidelity Lead Friday Outflows
BlackRock's iShares Bitcoin Trust (IBIT) recorded US$71.8 million in net outflows on Friday. Fidelity's Wise Origin Bitcoin Fund (FBTC) recorded US$10.6 million in net outflows on the same day. Over the two-week period, the funds experienced six days of net outflows and four days of net inflows.
Wednesday Outflows Coincide with US Inflation Data Release
Wednesday saw US$261.4 million in net outflows from US spot Bitcoin ETFs, the same day US inflation figures were released. The inflation print showed a 3.7% year-on-year price rise, up from 3.4% in August. The data came in higher than expected.
Matt Hougan Maintains Long-Term Bitcoin Outlook
Matt Hougan, Bitwise's chief investment officer, stated he remains optimistic about Bitcoin's long-term prospects. Hougan said "every path ultimately ends with bitcoin higher." He stated that whether the AI bubble bursts or delivers "superabundance," the outcome will be good for Bitcoin. Hougan acknowledged threats from quantum computing, a government-orchestrated crackdown on BTC, or governments returning to "sound management of their currencies." Hougan stated he believes the probabilities of these threats are low. Hougan said, "But for long-term investors, the big macro questions matter less than most people think. That's because, of all the different paths the economy can take, virtually all of them still lead to bitcoin."
Bitcoin Price Movements from Friday to Sunday
Bitcoin slipped as low as US$80,116 on Friday, according to data from CoinGecko. BTC hit a high of US$82,156 during late trading on Sunday Australian time. Bitcoin retreated close to the US$80K mark before rallying back to US$82,619 at the time of writing.
FAQ
What were the total net outflows from US spot Bitcoin ETFs over two weeks?
US spot Bitcoin ETFs recorded US$907.4 million in net outflows over two weeks, with six days of net outflows and four days of net inflows.
Which funds led the outflows on Friday?
BlackRock's iShares Bitcoin Trust (IBIT) accounted for US$71.8 million of Friday's US$82.4 million in net outflows, while Fidelity's Wise Origin Bitcoin Fund (FBTC) recorded US$10.6 million in outflows.
What was the US inflation rate released on Wednesday?
US inflation figures released on Wednesday showed a 3.7% year-on-year price rise, up from 3.4% in August. The print came in higher than expected.
