Coinspeaker
Bitcoin ETFs Take Hit: $43 Million Outflows End Two-Day Winning Streak
The back-to-back days of positive flows recorded by spot Bitcoin exchange-traded funds (ETFs) in the US earlier this week have ended. This follows after the funds posted total daily net outflows of $43.97 million on Wednesday to end the two-day streak.
ARKB Leads Outflows Charge for Spot Bitcoin ETFs
While the majority of the ETFs saw little to no flows on the day, Ark Invest and 21Shares’ ARKB saw the largest outflows. As data from SoSoValue suggests, $54.03 million left the product yesterday.
Other funds that recorded negative flows on the day are Grayscale’s GBTC and its Bitcoin Mini Trustsaw, which recorded net outflows of $4.59 million and $511,230 respectively.
Meanwhile, the reverse was the case for Fidelity’s FBTC on the day. It led Wednesday’s inflows after attracting $12.57 million in net investment. Invesco’s BTCO was the only other fund with net positive flows yesterday. BTCO saw a modest but yet encouraging $2.59 million added to the product.
Interestingly, all the seven other funds, including BlackRock’s IBIT — a master in inflows — recorded zero net flows. It might be worth noting that IBIT has yet to record net inflows for over two weeks now. That is, since August 26.
Overall, all 12 Bitcoin ETFs recorded a daily trading volume of $1.27 billion on Wednesday, up from $712.25 million the previous day. With that much total value traded in a single day, there might be good reason to believe that confidence in Bitcoin BTC $58 180 24h volatility: 2.8% Market cap: $1.15 T Vol. 24h: $35.76 B as an investment vehicle, though fluctuating at the moment, remains on a high level. Since their January launch, spot Bitcoin ETFs have attracted $17 billion in net inflows.
Ether ETFs Join the Negative Flows Train
Interestingly, Wednesday was no different for Ether ETFs, which also posted cumulative negative flows. In the overall sense, spot Ethereum ETFs in the U.S. did see about $542,870 leave the funds on the day. That is, after VanEck’s ETHV posted net outflows of $1.71 million, while Fidelity’s FETH attracted $1.17 million in inflows. Similarly to the Bitcoin ETFs, seven Ether ETFs posted zero daily flows for the day.
Meanwhile, the total daily trading volume for Ether ETFs also experienced a little surge yesterday. It went up from Tuesday’s $102.87 million to $126.22 million on Wednesday.
As of publication, Bitcoin price is up 2.64% over the past 24 hours and was seen trading at $57,959. Ether ETH $2 359 24h volatility: 1.0% Market cap: $283.89 B Vol. 24h: $14.75 B , on the other hand, also gained 0.92% to trade at around $2,356.
Bitcoin ETFs Take Hit: $43 Million Outflows End Two-Day Winning Streak
