$BTC ETFs Record Significant Outflows Ending the Inflow Streak, $ETH ETFS Follow Suit
- After a period of consistent inflows, US spot Bitcoin exchange-traded funds ($BTC ETFs) experienced a significant outflow on August 27.
- The largest outflow of $101.97M was from Ark & 21Shares' ARKB ETF.
- $ETH ETFs have consistently recorded outflows since their launch, indicating a lack of sustained investor interest compared to $BTC ETFs.
US spot $BTC ETFs returned to net outflows after an eight-day winning streak with a cumulative inflow of $756M. Yesterday's outflows reached $127M, led by Ark & 21Shares' ETF, which reported over $101M outflows.
$ETH ETFs saw their ninth day of consecutive outflows, with $13.2M outflows recorded on Monday. $BTC and $ETH responded to the decline in traditional investor interest with a 4.02% and 4.66% 24-hour dip.
$BTC ETF Booms Hits a WallCurrently, 11 $BTC ETFs trade on the US stock exchanges. Since January, the cumulative inflows into $BTC ETFs surpassed $17.95B.$BTC ETF performance has been promising to date, causing $BTC to rise by 36% within a few months. However, the funds recorded $127M in net outflows on Tuesday, ending an eight-day-long inflow streak.
Ark & 21Shares' ARKB ETF experienced the largest outflow of $101.97M, followed by Grasyscale's GBTC with an $18.32M outflow. Eight out of 11 funds, including Blackrock's IBIT, had no flows yesterday.
Meanwhile, $ETH ETFs are having a hard time catching up with $BTC ETFs. On August 12, $ETH ETFs recorded their first week of positive net flows since their launch in July. Blackrock's ETHA led the pack with over $188.3M in weekly net inflows.
Since then, $ETH ETFs have taken another nosedive, recording significant outflows for the past nine days. The trading volume of spot $ETH ETFs exceeded $129M on Monday, but the outflows outpaced inflows by $3.45M.
The trading volume remains significantly lower than late July's daily volumes of approximately $900M.
Despite the substantial increase $BTC experienced after the approval of $BTC ETFs, the Crypto Black Monday of August 5 derailed its bullish trend. Currently, $BTC trades at $59K, a major rebound from the recent plunge to $49K.
Still, yesterday's outflows from $BTC ETFs caused a 4.02% 24-hour dip, preventing $BTC from hitting the much anticipated $62K and breaking resistance.
$ETH was also hit by the stock market turmoil, hitting its lowest point since March. The token rebounded by 13% since August 5, now at $2,522.
However, former heights remain out of reach as $ETH records a 2.4% weekly and 4.46% daily decline amidst major outflows from $ETH ETFs.
Closing RemarksSince their launch in January, $BTC ETFs have garnered significant investor interest, attracting a cumulative inflow of over $17.95 billion. This positive sentiment has contributed to a 36% increase in $BTC's value.
However, the recent outflows indicate a potential shift in investor sentiment. Is this a temporary dip or a bearish reversal? We'll have to wait and see.
References- US $BTC Spot ETF (SoSoValue)
- US $ETH Spot ETF (SoSoValue)
- Bitcoin (CoinMarketCap)
- Ethereum (CoinMarketCap)
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