The post Bitcoin ETFs Face Significant Outflows Despite Price Surge Above $60,000 appeared on BitcoinEthereumNews.com.

The latest developments in the cryptocurrency market revealed significant volatility, particularly in Bitcoin and Ethereum exchange-traded funds (ETFs). Over the past five days, data from Farside indicated substantial inflows and outflows in these ETFs, reflecting investor sentiment and market conditions. Noteworthy trading volumes and market reactions were observed, highlighting key trends and shifts within the crypto space. Unraveling the Week’s Crypto ETF Movements: An In-Depth Analysis of Bitcoin and Ethereum Trends Bitcoin ETFs Experience Substantial Outflows Last week concluded on a markedly negative note for Bitcoin ETFs, with a staggering $240 million exiting the eleven funds on record. The new week offered little reprieve as another $168.4 million was pulled out. The leading contributors to these outflows included Grayscale’s GBTC with $69.1 million, Ark Invest’s ARKB with $69 million, and Fidelity’s FBTC with $58 million. The trend continued into Tuesday with an additional $148.6 million outflow, primarily driven by FBTC ($64.5 million) and GBTC ($32.2 million). Interestingly, BlackRock’s IBIT remained inactive during these initial days of the week. Midweek Inflows Provide Temporary Relief Wednesday marked a brief respite as IBIT recorded $52.5 million in inflows, followed by an impressive $157.6 million the next day. These developments contributed to Wednesday and Thursday being the only days with positive net flows, seeing $45.1 million and $194.6 million respectively. However, the positive momentum was short-lived, as outflows resumed on Friday with $89.7 million, largely driven by Grayscale’s $77 million withdrawal. Overall, the week saw a net outflow of $167 million for Bitcoin ETFs. Ethereum ETFs Show Minor Inflows Amid Market Uncertainty Since their market debut on July 23, spot Ethereum ETFs have garnered varying degrees of interest. This past week presented a slightly more optimistic outlook. Monday and Tuesday saw inflows of $48.8 million and $98.4 million respectively, with BlackRock’s ETHA being a…

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Filed under: News - @ August 11, 2024 2:04 am