Spot Bitcoin ETFs in the US have experienced a significant weekly outflow of $300 million, reversing a three-week trend of inflows. Despite a modest daily inflow of $25.6 million on Friday, the overall trend for the week was negative, marking the first net outflow since September 6.
The total net assets held by these funds fell from $61.21 billion on September 27 to $57.73 billion by the end of the week. This decline coincided with a drop in Bitcoin's price from approximately $65,000 to about $62,000.
According to data from SoSoValue, the funds saw an inflow led by Bitwise's BITB fund, which attracted $15.3 million. Fidelity's FBTC also performed well, with an inflow of $13.6 million, while VanEck's HODL and Ark & 21Shares' ARKB each saw inflows of $5.29 million.
In response to market conditions, Bitwise has announced plans to revamp its three crypto futures ETFs by incorporating Treasuries to mitigate volatility. Matt Hougan, Bitwise's Chief Information Officer, stated, "The goal is to minimize downside volatility and potentially enhance risk-adjusted returns."
Grayscale's GBTC was the only fund that recorded outflows, experiencing a $13.9 million outflow on Friday, while the other funds did not show significant changes in inflows or outflows.
Ethereum ETFs also faced a net weekly outflow of $30.7 million, despite a daily inflow of $7.4 million on Friday. BlackRock's ETHA fund led the inflows with $14.7 million, while Grayscale's ETHE fund saw $8.2 million in outflows.
As of last week, BlackRock's spot Ethereum fund had surpassed $1 billion in net asset value, but the recent declines have brought it back down to $987.6 million.
