Bitcoin ETF Performance
U.S. spot Bitcoin ETFs experienced net outflows totaling $558.4 million on Friday, marking the most significant single-day exodus since August 1. This outflow represents the seventh day of net outflows observed in the past eight trading sessions.
Fidelity's FBTC led the outflows with $256.7 million, according to data from SoSoValue. Ark & 21Shares' ARKB saw redemptions of $144.2 million, while BlackRock's IBIT recorded $131.4 million in outflows. When measured against their respective total assets under management, ARKB's outflows were the highest.
The market share for BlackRock's IBIT has decreased to 73.2%, down from a three-month high of 82.3% reached in mid-September. This fund currently holds nearly 4% of all circulating Bitcoin. A brief period of inflows on Thursday did not alter the prevailing trend, with outflows resuming on Friday after a six-day streak of outflows had been temporarily halted.
IBIT, FBTC, and ARKB had previously shown the strongest inflows among Bitcoin ETFs on Thursday, prior to Friday's reversal. This pattern suggests a degree of investor uncertainty rather than a sustained recovery in demand.
Ethereum and Solana ETF Performance
Spot Ethereum ETFs recorded outflows of $46.6 million on Friday, indicating less severe redemption pressure compared to Bitcoin products. The Ethereum funds have managed to navigate the recent market adjustments with comparatively modest declines in assets.
Solana ETFs, in contrast, sustained their nine-day inflow streak, attracting $12.7 million in new investments on Friday. Bitwise's BSOL fund secured the majority of these new investments, accumulating a total of $323.8 million in net inflows since its launch on October 28.
Grayscale's GSOL fund attracted only $11.9 million in cumulative net inflows, despite launching one day after BSOL. Both of these funds are temporarily waiving fees, although GSOL's standard 0.35% rate is higher than BSOL's 0.20% fee structure.
Market Analysis
The contrasting performance between Bitcoin and Solana ETFs suggests a potential rotation of capital within the cryptocurrency market rather than a broad exit from digital assets. Despite sustained ETF inflows, Solana experienced a decline of 2.9% over a 24-hour period.
Bitcoin Price Update
Bitcoin traded near $100,000, down 0.62% to $101,985 over the preceding 24 hours on Friday. At the time of writing, it was trading at $106,000. JPMorgan analysts project that the cryptocurrency could reach $170,000 within the next six to 12 months, notwithstanding current volatility.