Spot Bitcoin ETFs in the United States saw a $253.4 million outflow on Thursday as the asset continued to weaken.

The total outflow for the week now stands at around $480 million, and Friday is likely to see that increase as BTC prices collapse below key support levels.

Bitcoin prices fell to a four-week low just below $109,000 in late trading on Thursday. However, it has yet to match the bottom of this correction so far, which was around $107,500 in early September.

ETF Interest Cooling

BlackRock’s IBIT was the only fund to see an inflow yesterday as $78 million entered the product. Its rivals, Fidelity, Bitwise, ARK 21Shares, Franklin, VanEck, and Grayscale all saw outflows from their respective ETFs.

The cooling follows a couple of very strong months for Bitcoin ETFs, which have seen total inflows top $57 billion. Its not all doom and gloom as BlackRock has not seen an outflow day for three weeks, despite the market pullback.

Blackrocks Bitcoin ETF, $IBIT, bought:

✅ 1,900 Bitcoin this week (Mon-Thur)

✅ 7,500 Bitcoin last week

✅ 9,100 Bitcoin 2 weeks ago

✅ 3,750 Bitcoin 3 weeks ago

✅ 2,225 Bitcoin 4 weeks ago

Spot Ether funds were also in the red with a similar outflow of $251 million on Thursday. The total for the week so far, leaving ETH funds, is $547 million as the asset has tanked by double digits in less than a week.

On a brighter note, the Securities and Exchange Commission discussed the tokenization of ETFs in a meeting with issuer VanEck on Thursday.

The agenda included discussing the “implications of tokenization of ETFs and the role of the underlying issuer,” reported Nova Dius president Nate Geraci. ETF tokenization could be very bullish for Ethereum, which is the industry standard for bringing real-world assets on-chain.

Top 10 ETF issuer VanEck met w/ SEC Crypto Task Force today…

Look at this agenda.

“Discuss implications of tokenization of ETFs the role of underlying issuer.”

Hope you’re paying attention. pic.twitter.com/ILm3ihJh3T

Big Week For ETF News

In related news, the first Ether staking ETF launched this week from REX-Osprey and Bitwise filed for the first Hyperliquid (HYPE) ETF on Thursday.

NEW: @BitwiseInvest files for Hyperliquid ETF. HYPE pic.twitter.com/l3WaXRmo8Z

Earlier this week, the Hashdex Nasdaq Crypto Index US ETF was approved under the SEC’s new generic listing standards.

Meanwhile, BlackRock registered the name iShares Bitcoin Premium ETF, filing coming soon. “This is a covered call Bitcoin strategy in order to give BTC some yield,” explained ETF expert Eric Balchunas.

“Given all the other coins about to ETF-ized, its notable BlackRock is going another Bitcoin product, imo, signifies they are going to build around BTC and ETH and lay off the rest, at least for now,” he added.

“This makes the horse race for these other coins much more wide open.”