US Bitcoin ETFs Experience Record Outflow, Breaking 15-Day Streak
In a surprising turn of events, US Bitcoin ETFs recently faced their largest outflow since their launch, shattering a 15-day streak of investor inflows. Just one minute ago, data from SpotOnChain revealed that a staggering $671.9 million was withdrawn from these funds, completely disrupting the momentum of inflows that had been building up.
Bitcoin ETFs Hit Hard
Leading the sell-off was Fidelity’s FBTC, which saw $208 million in outflows. Following closely behind were the Grayscale Bitcoin Mini Trust and ARK 21Shares’ ARKB, with outflows of $188 million and $108 million, respectively. This sudden shift in investor behavior marks a significant departure from the recent trend of continuous inflows.
WisdomTree’s BTCW, however, managed to buck the trend by attracting $2 million in modest inflows, standing out as a beacon of resilience amidst the widespread withdrawals. Meanwhile, BlackRock’s IBIT and other ETFs remained stagnant, showing no notable changes in their flow of funds.
Ethereum ETFs Not Immune
The impact of this outflow was not limited to Bitcoin ETFs alone, as Ethereum ETFs also experienced a significant decline. Outflows totaling $60.47 million put an end to an 18-day streak of inflows for these funds. Grayscale’s ETHE took the hardest hit, losing $58.13 million, while Bitwise’s ETHW followed with $6.78 million in outflows. Other products like Grayscale’s Ethereum Mini Trust and Invesco’s QETH also saw losses exceeding $5 million.
On a more positive note, Fidelity’s FETH and VanEck’s ETHV managed to attract inflows of $5.1 million and $4.9 million, respectively. However, these gains were not enough to offset the broader market decline, as many other Ethereum ETF products recorded zero flows during this period.
Overall, the sudden and substantial outflows from both Bitcoin and Ethereum ETFs have raised concerns among investors and analysts alike, signaling a potential shift in sentiment towards these digital assets. As the market continues to evolve, it will be crucial to monitor how these trends develop in the coming days and weeks to gain a better understanding of the underlying dynamics at play.