Bitcoin ETFs in the United States recorded a net outflow of $242.53 million on Tuesday, marking the largest daily negative flow since September 3. This pullback broke a streak of eight consecutive days of positive inflows, according to data from SoSoValue.
Among the hardest hit, Fidelity’s FBTC saw the largest outflows, with $144.67 million, followed by Ark’s ARKB and 21Shares, with a net outflow of $84.35 million, the largest since August 27. Bitwise’s BITB also saw significant outflows of $32.7 million, while VanEck reported a decline of $15.75 million. For its part, Grayscale’s GBTC, the second-largest Bitcoin ETF by net assets, suffered a net outflow of $5.9 million.
The only Bitcoin ETF that managed to record positive flows was BlackRock’s IBIT, with an inflow of $40.84 million, cementing its position as the largest Bitcoin ETF on the market.
BlackRock’s IBIT was the only Bitcoin ETF with positive inflows. Source: SoSoValue
Trading volume grows as Bitcoin price falls
Despite the net outflows, the trading volume of these Bitcoin ETFs reached $2.53 billion on Tuesday, a considerable increase from $1.37 billion on Monday. This increase in volume coincides with the fall of Bitcoin, which lost 4% in the last 24 hours, standing at $61,000.
Ethereum-tambien-sufre-grandes-salidas”>Ethereum also suffers large outflows
Ethereum ETFs were not immune to this pullback. The Grayscale Ethereum Trust led the outflows with $26.64 million, followed by Fidelity’s FETH, which recorded its largest daily outflows to date, with $24.97 million. Bitwise’s ETHW also suffered an outflow of $895,650.
However, not everything was negative. VanEck’s Ethereum ETFs ETHV and 21Shares CETH managed to record net inflows of $2.74 million and $1.25 million, respectively. The other Ethereum options did not register significant movements.
The trading volume of the nine Ethereum ETFs also showed an increase, reaching $290.81 million on Tuesday, up from $149.14 million the previous day.
In summary
The Bitcoin and Ethereum ETF market has seen a sharp turn, with significant net outflows reflecting market uncertainty. Despite the drop in Cryptocurrency prices, trading volumes increased, indicating that interest in these financial products remains strong, albeit with greater volatility.
Recent capital outflows may be an indicator of caution on the part of investors, but they also offer an opportunity for those looking to take advantage of market swings.
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