Bitcoin ETFs Witness Outflows as Market Dynamics Shift

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U.S. spot bitcoin exchange-traded funds (ETFs) showed divergent investor sentiment on Tuesday, marking a shift from previous days. Data from SoSoValue revealed that these investment vehicles collectively recorded $18.66 million in net outflows, halting a recent streak of positive flows.

Outflows Dominated by FBTC and GBTC

Leading the outflows was Fidelity’s FBTC, which saw $48.82 million exiting the fund, reflecting significant investor withdrawals. Grayscale’s GBTC, despite being the second largest by net assets, also experienced notable outflows amounting to $9.41 million after a day of zero flows.

Amidst the outflow trend, BlackRock’s IBIT emerged as an exception with $39.57 million in inflows, signaling continued investor confidence in this particular ETF. Conversely, the remaining nine ETFs reported zero net flows for the day.

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The total trading volume for all 12 bitcoin ETFs surged to $1.35 billion on Tuesday, up from $1.22 billion the previous day. Since their inception, these ETFs have amassed a cumulative $18.72 billion in net inflows, underscoring sustained investor interest despite recent fluctuations.

Ethereum ETFs Face Outflows

In contrast to bitcoin, spot Ethereum ETFs in the U.S. saw $8.19 million in net outflows on Tuesday, following a day of zero flows. Bitwise’s ETHW led the outflows with $4.54 million leaving the fund, while Fidelity’s FETH recorded outflows of $3.65 million. The remaining seven ether ETFs reported no flows for the day.

The total trading volume for these nine Ethereum ETFs declined to $102.37 million on Tuesday, down from $118.43 million the previous day, reflecting reduced trading activity amidst outflow trends.

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Crypto Market Performance

As per data by CoinMarketCap, the global crypto market cap is $2.18 trillion, a 0.61% increase over the last day.

Bitcoin slightly dipped by 0.32% over the past 24 hours to trade at $62,372, showing marginal stability amid recent market movements. Over the week, Bitcoin has posted a modest gain of around 1.5%. Meanwhile, Ethereum saw a 0.52% increase, trading at $2,445, showcasing resilience in its price action despite outflows from ETFs.