On Tuesday, spot bitcoin exchange-traded funds (ETFs) experienced their first outflows after an eight-day run of inflows. The group of funds saw $127.05 million withdrawn, with ARKB taking the brunt of the losses, shedding $101.97 million. Ether ETFs also saw declines, though their losses were less significant compared to their bitcoin counterparts.
ARKB Divests $101M Amid $127M Outflow From Bitcoin ETFs
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$127M Withdrawn From Bitcoin ETFs; Ether Funds Lose $3.45M
Metrics from sosovalue.xyz reveal that Tuesday was a tough day for the 12 spot bitcoin ETFs, with net outflows reaching $127.05 million. Not a single fund recorded any inflows, and IBIT, FBTC, BTC, HODL, BTCO, EZBC, BTCW, and DEFI all experienced a flat trading day.
The biggest hit came to Ark Invest’s and 21shares’ ARKB, which dropped a hefty $101.97 million. Grayscale’s GBTC wasn’t far behind, losing around $18.32 million, while Bitwise’s BITB saw a $6.76 million reduction.
These outflows brought the total cumulative net inflows across all 12 funds down to $17.95 billion since Jan. 11, 2024. During Tuesday’s session, $1.2 billion was traded among the BTC ETFs, which now collectively hold about $57.08 billion in BTC, representing 4.67% of the cryptocurrency’s market cap.
Ether ETFs also faced challenges, with $3.45 million exiting the funds. Grayscale’s ETHE was the sole loser, shedding $9.18 million. On the other hand, Fidelity’s FETH brought in $3.88 million in inflows, and Bitwise’s ETHW enjoyed a $1.86 million increase.
The other six ETH ETFs had a neutral trading day. The $3.45 million in outflows adds to the cumulative net outflows the ether ETFs have experienced since July 23, with the nine funds divesting a total of $481.32 million to date. On Tuesday, $129.95 million was traded, and the group now collectively holds $7.18 billion in ETH.
What do you think about the spot bitcoin and ether ETF trading action on Tuesday? Share your thoughts and opinions about this subject in the comments section below.
