US Bitcoin funds managed to hold onto a positive weekly inflow of $301.2 million despite significant outflows on Thursday and Friday. According to Farside Investors' preliminary figures, the late-week withdrawals totaled $773.5 million, nearly offsetting the $1.0747 billion in inflows from Monday through Wednesday. The reversal highlights how the week's total flow provides a more accurate picture than either the strong early buying or the subsequent withdrawals.
The outflows were primarily concentrated in BlackRock’s IBIT and Fidelity’s FBTC, with withdrawals of $110.3 million and $31.8 million, respectively. Morgan Stanley’s MSBT saw a smaller inflow of $4.2 million. Meanwhile, Ether funds experienced a weekly outflow of $220.7 million, with Friday’s reported inflow of $4.4 million doing little to offset the $110.6 million withdrawal on Thursday.
Farside Investors noted that their tables still contained missing entries for VanEck’s Friday data, meaning the published totals are incomplete. This caution underscores the need for subsequent updates that could alter the weekly figures. The data reflects demand through listed vehicles but does not reveal who the buyers are, their holding intentions, or activity outside these funds.
The SEC’s explanation of ETF mechanics clarifies that trading existing shares differs from creating or redeeming fund shares. Investors can trade without every transaction affecting the fund’s assets, making turnover and net flows distinct metrics. Similarly, blockchain transfers involving custodians do not fully account for investor subscriptions and redemptions, requiring context-specific interpretation.