In a continuing trend of investor skittishness, U.S. spot bitcoin exchange-traded funds (ETFs) experienced a notable exodus on Wednesday, with $37.29 million exiting these products. This marks the sixth consecutive day of negative flows for bitcoin ETFs, underscoring a growing concern among investors.
Grayscale’s GBTC, the second-largest spot bitcoin ETF by net assets, was hit hardest, witnessing a significant $34.25 million in net outflows. Fidelity’s FBTC followed with $7.59 million in outflows, while VanEck’s HODL recorded $4.91 million in negative flows. Despite these setbacks, Bitwise’s BITB was a rare bright spot, attracting $9.46 million in new investments. BlackRock’s IBIT, the largest spot bitcoin ETF, experienced a quieter day with no net inflows or outflows. The total daily trading volume across the 12 bitcoin ETFs dropped to $1.41 billion, down from $1.56 billion the previous day.
The turmoil in the bitcoin ETF sector was mirrored by the performance of spot Ethereum ETFs. On Wednesday, these funds saw $37.51 million in net outflows, marking the second consecutive day of negative flows for Ethereum-related products. The Grayscale Ethereum Trust (ETHE) bore the brunt with $40.63 million in outflows, while the Grayscale Ethereum Mini Trust (ETH) saw a modest $3.12 million in inflows. The remaining seven Ethereum ETFs recorded no changes in their flows. Overall, the total trading volume for the nine spot ether ETFs decreased to $145.86 million from $163.5 million the day before.
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Despite the outflows from ETF products, the prices of the underlying assets showed some resilience. Bitcoin edged up 0.97% over the past 24 hours, trading at $57,276, while Ethereum saw a 1.61% increase, with its price reaching $2,417.
The sustained outflows from both bitcoin and Ethereum ETFs highlight a cautious sentiment among investors. As market dynamics continue to shift, the ETF sector remains a critical indicator of broader investor confidence in cryptocurrencies.
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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