In a turbulent turn for the cryptocurrency investment landscape, Bitcoin spot ETFs have reported a staggering $105 million in outflows on August 28, marking the second consecutive day of negative flow. This downturn comes as Bitcoin (BTC) attempts to reclaim the crucial $60,000 price level, showing a modest surge over the past 24 hours.
While Bitcoin ETFs grapple with significant withdrawals, the Ether (ETH) market experienced a contrasting trend. According to Sosovalue, Ether ETFs saw a notable net inflow of $5.84 million on August 28, following a prolonged hiatus of nine trading days that had seen a cumulative outflow of $115 million. This uptick in investment is a welcome sign for Ethereum enthusiasts, as it follows a period of considerable fund exits.
Leading the charge in Ether ETF inflows was BlackRock’s ETHA, which recorded an impressive $8.4 million influx after five days of stagnation. To date, ETHA has accumulated a substantial net inflow of $1.01 billion. Fidelity’s FETH also contributed positively, with a $1.26 million inflow. In contrast, Grayscale’s ETHE, the largest Ether ETF, posted an outflow of $3.81 million, adding to its cumulative net outflow of $2.56 billion. Despite this, Ether has shown resilience, with its price climbing nearly 4% over the last day, though it remains down 24% over the past 30 days, trading at an average of $2,550.
On the other hand, Bitcoin ETFs continue to face challenges. The August 28 outflow of $105 million follows a $127 million withdrawal on August 27. Notably, no U.S. Bitcoin ETF reported inflows on this day. Among the hardest hit was the Ark 21Shares Bitcoin ETF (ARKB), which saw $59.3 million in outflows, marking its second consecutive day of high withdrawals. BlackRock’s ETHA saw $8.4 million in inflows, while Fidelity’s FBTC and VanEck’s HODL each experienced over $10 million in negative flows.
Additionally, Grayscale’s Mini Bitcoin ETF recorded its first-ever outflow of $8.77 million, although it retains a cumulative net inflow of $582 million. Despite the outflows, Bitcoin’s price has managed a slight recovery, trading at an average of $59,625, though it has suffered a 14% decline in the last 30 days.
As the cryptocurrency market navigates these fluctuating trends, both Bitcoin and Ethereum ETFs reveal a landscape of volatility and opportunity. Investors will be closely watching how these dynamics unfold in the coming days.
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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