The crypto market continues to face significant challenges with bitcoin ETFs experiencing a seventh consecutive day of outflows, totaling $755 million on Wednesday, Feb. 26. Ether ETFs also saw their fifth straight day of outflows, amounting to $94 million.
Bitcoin ETFs Mark Seven Day Outflow Streak With $755 Million in Outflows
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Sustained Outflows As Bitcoin and Ether ETFs Face Continued Investor Pullback
Investor sentiment remained bearish as bitcoin ETFs endured a 7th day of outflows, losing $754.53 million, while ether ETFs faced a 5th day of withdrawals, shedding $94.27 million.
Out of the twelve U.S. spot bitcoin ETFs, nine of them reported outflows on Wednesday, Feb. 26. BlackRock’s IBIT led the decline with a substantial $418.06 million withdrawn, followed by Fidelity’s FBTC, which saw outflows of $145.69 million.
Other notable withdrawals included Ark 21shares’ ARKB with $60.46 million and Grayscale’s BTC with $55.97 million in outflows. Additional funds such as Grayscale’s GBTC, Invesco’s BTCO, Bitwise’s BITB, Wisdomtree’s BTCW, and Franklin’s EZBC also experienced significant investor pullbacks.
The ether ETF market mirrored this bearish sentiment, with BlackRock’s ETHA experiencing the largest outflow at $69.76 million. Fidelity’s FETH followed with $18.38 million in withdrawals, while Grayscale’s ETHE and Bitwise’s ETHW saw outflows of $3.31 million and $2.81 million, respectively.
These consecutive outflows have led to a notable decrease in the total net assets of cryptocurrency ETFs. Bitcoin ETFs‘ total net assets have fallen below the $100 billion threshold, now standing at $95.16 billion. Similarly, ether ETFs have dipped under $9 billion, currently totaling $8.56 billion.
The sustained withdrawal from both bitcoin and ether ETFs underscores the prevailing bearish sentiment and volatility within the crypto market.
