Bitcoin and Ethereum ETFs Experience $35.39M and $11.41M in Outflows
The post Bitcoin and Ethereum ETFs Experience $35.39M and $11.41M in Outflows appeared on BitcoinEthereumNews.com.
On the 19th of this month, the crypto market went through a noteworthy shift with Bitcoin and Ethereum ETFs experiencing significant outflows. As per Lookonchain, a popular on-chain analytics company, the cumulative outflow from Bitcoin ETFs reached 558 $BTC while the Ethereum ETFs saw 4,605 $ETH in outflows. The analytics platform discussed the current scenario of the ETF market on its social media account on X. Bitcoin ETFs Record an Outflow of $35.39M on September 19 Lookonchain noted that the massive outflows of almost $558 $BTC, equaling $35.39M, reflect the investor sentiment amid the market consolidation. ARK 21Shares emerged as the most prominent contributor in the case of this outflow. The exchange-traded fund witnessed 725 $BTC in withdrawals, with a value of $46.01M. Irrespective of this, ARK 21Shares keeps on holding a great amount of $BTC. Hence, its portfolio contains nearly 44,982 $BTC, equaling $2.85B. Bitcoin ETFs have emerged as famous investment vehicles, letting investors gain crypto exposure without a direct holding. The recent outflows indicate that a few investors may be adjusting portfolios during the market uncertainty or gaining profits. The latest volatility in the wider financial markets has likely played a crucial role in this respect. Additionally, Ethereum ETFs also saw 4,605 $ETH (nearly $11.41M) in net outflows. Grayscale Ethereum Trust witnesses $7.718 $ETH, valued at 19,13M. Irrespective of these outflows, a continuous dominance of Grayscale has been seen in the $ETH ETF sector. It holds 1,724,293 $ETH, equaling $4.27B. The withdrawals from Ethereum exchange-traded funds denote a trend similar to Bitcoin. The Enormous Outflows Highlight the Signify a Cooling Off Period among the Institutional Investors Some of the investors are potentially taking profits. Otherwise, they might be reallocating portfolios in response to the recent price changes. According to Lookonchain, Ethereum has witnessed fluctuating prices during the previous…
Filed under: News - @ September 20, 2024 5:20 am