The crypto exchange-traded funds have recently gone through significant negative flows. As per Spot On Chain, a prominent on-chain analytics platform, Bitcoin and Ethereum ETFs have witnessed $52.7M and $9.8M in cumulative outflows respectively on September 18. The on-chain analytics provider took to its official social media account to provide the details of the ETF flows.
Spot ETF: $52.7M to $BTC and $9.8M to $ETH Sep 18, 2024 The net flow for BTC ETFs turned negative after 4 days with inflows. 10/11 BTC ETFs saw non-positive flows yesterday, led by the #21Shares (ARKB).Follow @spotonchain and check out the latest updates about… pic.twitter.com/WR3D8utE8e
— Spot On Chain (@spotonchain) September 19, 2024
Bitcoin ETFs Record Outflows of $52.7M as the Crypto Market Experiences a Pullback
In its exclusive X post, Spot On Chain pointed out that ten out of eleven BTC ETFs experienced negative flows. This resulted in a total outflow of nearly $52.7 million. Bitcoin exchange-traded funds have been getting a substantial position in the crypto sector in recent times with huge inflows. This reportedly drove the investor optimism. Nonetheless, the latest outflows have had a negative impact, denoting a massive shift in the overall market dynamics.
ARK 21Shares ($ARKB) went through an outflow of nearly $43.4M, dominating the other ETFs. Following that, Grayscale ($GBTC) saw $8.1M in outflows. Additionally, Bitwise ($BITB) witnessed $3.9M leaving the market. The only Bitcoin ETF that experienced some inflows was Grayscale Mini ($BTC) as it added $2.7M. Apart from that, seven Bitcoin ETFs did not see any flows at all. These noteworthy outflows point toward the macroeconomic challenges that the crypto sector is facing nowadays.
Ethereum ETFs Record $9.8M in Outflows Amid the Market Uncertainty and a Sentiment Shift
On the other hand, the Ethereum ETFs also noticed outflows, although relatively lesser than the Bitcoin ETFs. The total outflows from the Ethereum ETFs have touched $9.8M on September 18. However just one out of 9 $ETH ETFs saw outflows. In this respect, Grayscale ($ETHE) recorded $14.7 in cumulative outflows. Contrarily, BlackRock ($ETHA) has added $4.9M in terms of inflows. Irrespective of the positive momentum of the $ETH ETFs earlier in September, this shift marks a huge shift, highlighting the reluctance among investors.
The negative flows for both the Ethereum and Bitcoin ETFs denote the present uncertainty in the broader market. With the looming regulatory developments and the macroeconomic factors, the next moves of the market will play a critical role for investors. Thus, if the outflows persist, this could indicate a wide-ranging sentiment shift, likely affecting the prices of $ETH and $BTC.
