US spot Bitcoin ETFs log $300 million weekly outflow, reversing three-week trend

US-based spot bitcoin exchange-traded funds logged a modest daily inflow on Friday, but ended the week with a net negative outflow for the first time since Sept. 6. 

The total net assets held by the funds has declined from $61.21 billion on Sept. 27, one week ago, to $57.73 billion following the week's outflows and bitcoin's decline in price from about $65,000 on Friday the 27th to about $62,000 on Friday, Oct. 4th. 

On Friday, the funds saw a modest daily total net inflow of $25.6 million, according to SoSoValue data, led by a $15.3 million inflow to Bitwise's BITB fund. Fidelity's FBTC logged the second-highest inflow, with $13.6 million, with VanEck's HODL and Ark & 21Shares' ARKB tied with $5.29 million. 

Bitwise recently announced it plans to revamp its three crypto futures exchange-traded funds, adding Treasuries in an attempt to curb volatility, The Block previously reported. "The goal is to help minimize downside volatility and potentially improve risk-adjusted returns," said Bitwise Chief Information Officer Matt Hougan in a statement. 

Grayscale's GBTC was the only fund to log outflows, with an outflow of $13.9 million on Friday. The remainder of the funds logged no significant inflows or outflows. 

Ethereum ETFs also a log net weekly outflow

Ethereum ETFs, despite logging a modest daily inflow of $7.4 million on Friday, also ended the week with a net-negative outflow of $30.7 million, according to SoSoValue data. 

Friday's inflows were led by BlackRock's ETHA fund, which logged $14.7 million worth of inflows. Bitwise's ETHW also logged $871,000 worth of inflows, with no other funds logging significant inflows. 

Offsetting the inflows were $8.2 million in outflows from Grayscale's ETHE fund, along with ether's decline in price from about $2,700 on the 27th to about $2,400 on Oct. 4th. 

While last week, BlackRock's spot Ethereum fund crossed $1 billion in net asset value for the first time, the past week's declines have seen the fund fall back below that measure. It now holds assets worth $987.6 million, according to SoSoValue data.