Bitcoin ETFs end two-week outflow streak with $301 million

By Tom Whitfield

U.S. spot Bitcoin exchange-traded funds attracted about $301 million in net inflows last week, ending a two-week outflow streak, according to Farside Investors data.

The rebound followed net outflows of approximately $228 million the previous week and $680 million the week before. October’s net outflows stood at about $314 million, providing context for a reversal that followed two consecutive weeks of investor withdrawals.

When did the flow reversal occur?

The week divided into three distinct flow periods:

• Monday through Wednesday: Bitcoin ETFs drew $1.08 billion as BTC climbed to a weekly high of $84,777 on Wednesday, according to CoinGecko.
• Thursday and Friday: ETF investors withdrew about $774 million as BTC retreated toward $80,000.
• Full week: Net inflows of about $301 million ended the two-week outflow streak.

The figures show how quickly ETF demand changed direction. The first three sessions generated $1.08 billion, while the final two produced $774 million in withdrawals, leaving a positive but much smaller weekly total. The reversal also depended on the back half of the week, when redemptions coincided with Bitcoin’s retreat from its Wednesday high.

What does DWF Labs’ research show?

Market maker DWF Labs published research Thursday examining Bitcoin sell-offs of at least 15% since U.S. spot Bitcoin ETFs launched in January 2024. The company found net outflows during seven of the eight sell-offs in that period, a pattern that makes the latest weekly reversal an exception to the firm’s broader observation.

The company framed the result directly. “ETF investors aren’t the dip buyers people think they are,” DWF said.

That finding documents a recurring relationship between sharp Bitcoin declines and ETF redemptions. It does not establish that outflows caused each decline, but it shows that investors have often reduced exposure after losses rather than buying the decline.

For market structure, that response may reinforce selling pressure already visible when prices fall. Last week’s $301 million inflow shows that flows can still turn positive during the Monday-to-Wednesday advance, even when the next two sessions bring $774 million in withdrawals.

How did ether ETFs compare?

U.S. spot Ether ETFs recorded a fourth consecutive week of net outflows, shedding about $221 million last week, according to Farside Investors data. Bitcoin’s ETF reversal therefore did not extend to ether: the two spot-ETF categories posted opposite weekly results, with Bitcoin attracting capital after two negative weeks while Ether remained in a sustained withdrawal cycle.

The divergence argues against reading the Bitcoin figure as a general recovery in U.S. spot crypto ETF demand. Bitcoin’s $301 million inflow reversed its own recent flow pattern, while the ether outflows extended a four-week run.

What did market signals show?

At publication, Bitcoin traded at $80,025, down around 3.3% over the preceding seven days. The Crypto Fear & Greed Index stood at 50, labeled “Neutral,” down from 59 and a “Greed” reading one week earlier.

The nine-point sentiment decline coincided with the two-day $774 million ETF withdrawal period and Bitcoin’s retreat from Wednesday’s $84,777 high. Price, sentiment and flows therefore pointed in the same direction during the back half of the week.

Together, the data describe a market in which early buying gave way to risk reduction. Although ETF withdrawals reached $774 million over two sessions, the $301 million full-week inflow left the period positive, unlike the prior two weeks.

What could change in the next reporting window?

The next weekly reporting window will show whether the market structure shifts from bitcoin inflows alongside ether outflows to synchronized buying or synchronized selling. The key test is whether demand persists after another price retreat or redemptions reappear without a comparable $1.08 billion early-week inflow.