Even with Bitcoin and Ethereum prices recovering, ETFs tied to these cryptos faced large outflows. Bitcoin ETFs saw over $400 million in withdrawals since early August. Ethereum ETFs had $341.35 million outflow in the first week and another $169.35 million the next week.
Grayscale’s GBTC also experienced $69.12 million in outflows in just one day. These trends highlight the ongoing volatility and changing investor sentiment in the crypto market.
Bitcoin ETFs and Grayscale See Major Outflows Amid Market Volatility
Bitcoin ETFs faced significant net outflows, totaling $168.44 million on August 5. Grayscale’s GBTC experienced $69.12 million in outflows over the past day and has seen a total drainage of around $19.13 billion to date.
ARK 21Shares Bitcoin ETF and Fidelity’s FBTC reported negative flows of $69 million and $58 million, respectively. However, Grayscale Bitcoin Mini Trust reported a counter-trend inflow of $21.8 million.
In the last five trading days, spot Bitcoin ETFs have seen a cumulative outflow of $423 million. A massive outflow of $237.35 million on August 2, 2024, led to a decline in Bitcoin prices.
Source: Sosovalue
Bitcoin’s price has fallen over 17% in the past week, dropping from the $66,000 to $50,000 range. Despite this, it has recovered more than 6% in the last 24 hours and is currently trading at an average price of $55,205, with a market cap of $1.08 trillion.
Ether ETFs Experience Volatility Amid Market Fluctuations
The recently launched Ether-linked ETFs faced significant weekly losses, impacting the movement of Ethereum, the largest altcoin by market cap. In the first week, ETH ETFs saw outflows of $341.35 million, followed by $169.35 million in the second week. However, a positive flow is anticipated in the third week.
Despite a challenging start, Ether ETFs managed to maintain positive flow rates amidst fluctuating investor sentiment. On August 5, the total net inflow for ETH ETFs reached $48.73 million. The only exception was Grayscale’s ETHE, which reported a negative outflow of $46.84 million over the past day.
BlackRock’s ETHA saw an inflow of $47.09 million, while Fidelity’s FETH and VanEck’s ETHV each had inflows of over $16 million. Conversely, Grayscale’s ETHE experienced an outflow of $46.84 million.
Ethereum’s price has declined by 26% over the past week due to bearish sentiments. However, it showed a recovery rally of 8% in the last 24 hours, currently trading at an average price of $2,460.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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