US-listed spot Bitcoin exchange-traded funds (ETFs) saw a rebound last week, attracting around $301 million in net inflows. This marks the end of a two-week streak of outflows, despite significant withdrawals toward the week's end. The previous week had seen outflows of about $228 million, following an even larger $680 million withdrawal the week before. October's net outflows now stand at approximately $314 million.
The inflows came as Bitcoin (BTC) climbed to a weekly high of $84,777 on Wednesday, drawing $1.08 billion in ETF investments between Monday and Wednesday. However, investors pulled out about $774 million on Thursday and Friday as BTC retreated toward $80,000. At the time of publication, Bitcoin was trading at $80,025, down around 3.3% over the past seven days.
Research published by market maker DWF Labs suggests that ETF investors tend to sell during Bitcoin declines. The company found net outflows during seven of eight Bitcoin sell-offs of at least 15% since US spot Bitcoin ETFs launched in January 2024. “ETF investors aren’t the dip buyers people think they are,” DWF noted.
The Crypto Fear & Greed Index fell to a “Neutral” reading of 50, down from “Greed” at 59 a week earlier. Meanwhile, US spot Ether ETFs recorded a fourth consecutive week of net outflows, shedding about $221 million last week.