In a surprising twist for the cryptocurrency market, U.S. spot Bitcoin exchange-traded funds (ETFs) experienced a reversal on Tuesday, ending an impressive eight-day streak of positive flows. According to data from SoSoValue, U.S. spot Bitcoin ETFs had previously attracted a robust $756 million during this period. However, the latest figures reveal a concerning shift with $127 million in net outflows.
Leading the outflow charge was Ark & 21Shares’ ARKB, which saw a significant $101.97 million exit. Meanwhile, Grayscale’s GBTC and Bitwise’s BITB recorded net outflows of $18.32 million and $6.76 million, respectively. Valkyrie’s BRRR ETF remains unreported, leaving some uncertainty in the overall analysis. Interestingly, eight other funds, including BlackRock’s IBIT, reported no flow changes on Tuesday.
Despite the recent downturn, the cumulative performance of U.S. spot Bitcoin funds remains strong. Excluding BRRR, these funds have amassed a substantial $17.95 billion in net inflows since January. On Tuesday, the total trade volume for these funds hit $1.2 billion, highlighting continued investor interest despite the day’s setbacks.
Ether ETFs Face Ninth Consecutive Outflow
In a parallel development, spot ether ETFs continued their downward trajectory, marking their ninth consecutive day of net outflows. On Monday, these funds reported a negative flow of $3.45 million. Grayscale’s ether fund was hit hardest with a $9.18 million outflow, though Fidelity’s FETH and Bitwise’s ETHW partially offset the trend with $3.88 million and $1.86 million in inflows, respectively.
The trading volume for spot ether funds was notably subdued, amounting to $129.95 million—a sharp decline from late July’s peak of around $900 million. This persistent outflow has now totaled $481.32 million, underscoring a significant shift in investor sentiment.
Also Read: Hong Kong Bitcoin ETFs Surpass HK$2 Billion in Assets Under Management
Market Reactions – Bitcoin and Ether Dip
The broader cryptocurrency market mirrored the ETF trends, with Bitcoin and Ether both seeing declines. Bitcoin’s price fell by 5.75% to $59,514, while Ether dropped by 8.02%, settling at $2,481, according to The Block’s price page.
This dual outflow trend in both Bitcoin and Ether ETFs signals potential shifts in market dynamics and investor confidence. As the situation evolves, staying informed on ETF performance and market movements will be crucial for navigating the volatile cryptocurrency landscape.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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