The post Bitcoin and Ethereum ETFs See Massive Outflows on 2nd August appeared on BitcoinEthereumNews.com.

The US BTC and ETH ETFs recently saw substantial outflows on the 2nd of August. Spot On Chain, a popular on-chain analytics provider, revealed that Bitcoin ETFs witnessed $237M in outflows while Ethereum ETFs recorded $54M in outflows. The on-chain analytics firm disclosed this sudden development on its official X account. 🚨 US #ETF 02 AUG: 🔴$237M to $BTC and 🔴$54M to $ETH 🌟 BTC ETF UPDATE (final): -$237M • This is the biggest outflow since May 2! • The 10 US Bitcoin ETFs saw a total outflow of $80.7M this week (outflows on 2/5 trading days). • 8 US BTC ETFs, excluding #BlackRock (IBIT)… pic.twitter.com/XHKOOzd0ne — Spot On Chain (@spotonchain) August 3, 2024 Bitcoin and Ethereum ETFs Record Enormous Outflows on 2nd August The platform noted that the BTC ETFs went through the biggest outflow since the 2nd of May. In this respect, a significant amount of up to $237M exited the ETFs on the 2nd of August. The respective event denotes a noteworthy change in the overall market dynamics concerning BTC ETFs in the US. The exclusion of $237M highlights the most extensive single-day outflow during the recent months. In addition to this, it also points toward the mounting selling pressure influencing the investors’ profit. During the recent seven days, the ten US BTC exchange-traded funds recorded a total outflow of up to $80.7M. Interestingly, outflows took place on two out of five trading days. This signifies a tendency of decreased portfolio rebalancing or investor confidence. Notably, eight of ten Bitcoin ETFs in the US did not see any inflows throughout this trading week. The Mounting Outflows Suggest a Decrease in Investor Enthusiasm Nonetheless, the IBIT of BlackRock and Grayscale Mini emerged as exceptions. The potential reason behind their inflows includes their resilient investor trust or market positions.…

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Filed under: News - @ August 4, 2024 12:14 pm