Spot Bitcoin ETFs See Largest Outflows Since May 1, Totaling $287M! - $ETH
As reported, digital asset investment products faced significant outflows last week, with a total of $305 million exiting the market.
The trend reflects a broader wave of negative sentiment that has gripped the cryptocurrency market across various regions and providers.
The primary catalyst behind this downturn appears to be stronger-than-expected economic data from the United States, which has reduced the likelihood of a 50-basis point interest rate cut by the Federal Reserve.
Bitcoin was at the center of this exodus, experiencing outflows totaling $319 million.
However, not all Bitcoin-related products suffered.
Short Bitcoin investment products, which profit from declines in Bitcoin’s price, saw their second consecutive week of inflows, amounting to $4.4 million.
Ethereum, the second-largest cryptocurrency by market capitalization, also saw negative sentiment manifest in outflows, with $5.7 million leaving the market.
Trading volumes for Ethereum stagnated, reaching only 15% of the levels observed during the U.S. ETF launch week.
The week also saw significant price movements in major cryptocurrencies.
Bitcoin closed the week at approximately $57,300, a 10.8% decline from the previous week’s close of around $64,220.
Ethereum also faced a challenging week, closing at around $2,425, down 11.7% from the previous week’s close.