📉 Bitcoin and Ethereum ETFs have been experiencing continuous capital outflows, and the situation is not optimistic!
📊 The ETF market for Bitcoin and Ethereum has not been optimistic recently. In particular, the spot Bitcoin ETF has performed the worst since the end of April, with funds flowing out for six consecutive days, especially on September 3, when the outflow of funds hit a new high since May 1, with a single-day outflow of more than 287 million.
💰 A few weeks ago, investors had great demand for spot Bitcoin ETFs, especially when Federal Reserve Chairman Powell hinted at a possible rate cut, and everyone poured money into it, investing more than $450 million twice on August 23 and 26 alone.
😕 But the good times did not last long, and investors' enthusiasm soon faded, and funds began to flow out in large quantities. For the rest of the week from August 26 to 30, there was only capital outflow, with more than $277 million flowing out of financial instruments.
📈 As funds flowed out, the price of Bitcoin also fell, from more than $65,000 to around $57,000 now, and even fell to $55,600 at one point.
🔍 Unlike the Bitcoin ETF, the Ethereum ETF has failed to attract a large number of investors from the beginning. In recent days, the outflow of funds has become more serious, with $47.4 million and $37.5 million of funds withdrawn on September 3 and 4, respectively.
🏦 Grayscale's ETHE was the leader of this wave of fund outflows, and other ETFs were not immune. Even BlackRock's ETHA, an ETF that once managed more than $1 billion in assets, has not had any inflows since August 28.
📊 The only exception is Fidelity's FETH, which had an inflow of $4.9 million on Wednesday, but trading activity in other funds was pitiful. Does this situation mean that smart money does not have enough confidence in the market or is still in a wait-and-see phase? Time will tell!
🤔 What do you think about the outflow of funds from Bitcoin and Ethereum ETFs? Do you think this will have a long-term impact on the cryptocurrency market? Share your views in the comments section and let's discuss!
