Bitcoin Bounces All Over the Place

What a week, folks! Bitcoin (BTC) has been doing its wild dance, making a scene at the psychologically significant $100,000 mark after a bit of a dive that started back in early October. Let’s just say, it’s been a rollercoaster ride, and not the smooth kind you’d find at an amusement park!

ETFs Feeling the Heat

To add to the chaos, the US Bitcoin Spot ETFs weren’t just sitting back sipping piña coladas. Nope! They faced their own dramatic exit, racking up net outflows exceeding a whopping $1 billion last week. According to the latest juicy gossip from SoSovalue, the cumulative cash out of 12 Bitcoin ETFs hit $1.28 billion in the first week of November alone. Looks like institutional investors are playing it safe and staying on their toes!

Who’s Losing Big?

The biggest “whoopsie” of the week goes to BlackRock’s IBIT, which witnessed a staggering withdrawal of $580.98 million. Ouch! This hefty investment fund now only clutches onto $82.28 billion, which is still a hefty chunk considering it’s about 3.97% of the total Bitcoin market cap.

Not too far behind was Fidelity’s FBTC, which also felt the burn, with net outflows climbing to $438.30 million. Despite the rough patch, FBTC isn’t all doom and gloom; it remains the second top-performing Bitcoin spot ETF with an impressive cumulative net inflow of $12 billion. Way to hang in there!

Others in the Money Drain

Meanwhile, other players like Ark Invest’s ARKB and Grayscale’s GBTC faced some cash losses too, with net capital draining to $128.92 million and $64.33 million, respectively. It’s kind of like watching someone drop their ice cream cone—heartbreaking!

VanEck’s HODL, Valkyrie’s BRRR, and Franklin Templeton’s EZBC had their own version of a money mishap, with negative cash flows between $8 million and $13 million. Yikes!

Some Bright Spots

However, it’s not all dark clouds and rain! Bitwise’s BITB and Grayscale’s BTC put on their superhero capes with a net inflow of $4.69 million and $21.61 million. Talk about lifting spirits! On the other hand, Invesco’s BTCO, WisdomTree’s BTCW, and Hashdex’s DEFI looked a bit lackluster, recording zero net flow, despite the buzzing market. A bit of an awkward silence, perhaps?

Current Bitcoin Situation

As of now, Bitcoin spot ETFs are reporting a net outflow of $1.22 billion in November—oh dear! On the brighter side, the total net inflows for these 12 investment marvels stand at around $59.97 billion. But hold your horses; aggregated net assets have dipped 6.5% down to $138.08 billion from last week. Not what you’d call a party for the asset holders.

Right now, Bitcoin is trading at $101,901, having taken a slight tumble with a 0.98% decline over the last 24 hours. Daily trading volume has nosedived by 42.62%, now valued at $53.58 billion. After last week’s price shenanigans, the leading cryptocurrency is still trying to catch up, sitting 18.93% away from its spectacular all-time high of $126,198.

What’s Next?

Experts at Coincodex are optimistic about a market rebound within the next five days, predicting BTC might just strut over to $129,442. But hold on, they also expect some backpedaling, estimating the coin will stabilize around $111,963 in a month. So, keep your helmets on, folks; it’s bound to be a bumpy ride!