Spot Bitcoin ETFs Face Major Withdrawals
The post Spot Bitcoin ETFs Face Major Withdrawals appeared on BitcoinEthereumNews.com.
In a notable downturn, Spot Bitcoin ETFs in the United States reported a significant outflow of $18.66 million on Tuesday, putting an end to a brief two-day streak of positive inflows. This trend affected multiple funds, particularly Fidelity’s FBTC and Grayscale’s GBTC, while BlackRock’s IBIT stood out with a positive inflow on the same day. What Caused the Largest Withdrawals? Fidelity’s FBTC experienced the most substantial outflow, losing $48.82 million. Grayscale’s GBTC was not far behind, recording an outflow of $9.41 million. Notably, Grayscale had not seen any transactions the previous day, making the sudden withdrawals especially significant. Overall trading volume for 12 spot Bitcoin ETFs rose from $1.22 billion to $1.35 billion. Did Ethereum ETFs Also Suffer Withdrawals? Yes, U.S. spot Ethereum ETFs faced challenges as well, reporting a net outflow of $8.19 million on Tuesday. The Bitwise ETHW fund led with an outflow of $4.54 million, followed by Fidelity’s FETH, which saw $3.65 million withdrawn. Other Ethereum ETFs remained stable, but the overall trading volume dropped from $118.43 million to $102.37 million. Fidelity’s FBTC experienced the largest outflow of $48.82 million. Grayscale’s GBTC recorded a $9.41 million outflow. BlackRock’s IBIT was the only fund with a positive inflow, gaining $39.57 million. Ethereum ETFs collectively reported an outflow of $8.19 million. As trading continued through the week, Bitcoin’s price dipped slightly by 0.32%, settling at $62,372. Meanwhile, Ethereum saw a modest rise of 0.52% to reach $2,445, reflecting the mixed sentiment in the cryptocurrency market. Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research. Source: https://en.bitcoinhaber.net/spot-bitcoin-etfs-face-major-withdrawals
Filed under: News - @ October 9, 2024 10:23 am