On Thursday, U.S. spot Bitcoin and Ether exchange-traded funds (ETFs) experienced substantial outflows, highlighting the market’s ongoing volatility. The 12 U.S. spot Bitcoin ETFs collectively saw a significant outflow of $71.73 million, while the nine Ether ETFs recorded $1.77 million in outflows.
Bitcoin ETFs Experience Major Outflows
The outflows from Bitcoin ETFs were led by some of the most prominent funds in the market. Fidelity’s FBTC suffered the largest reduction, losing $31.11 million. Grayscale’s GBTC also took a hit, with $22.68 million exiting the fund. BlackRock’s IBIT was close behind, shedding $13.51 million, marking its first significant outflow since early May.
Other Bitcoin ETFs also faced losses, including Bitwise’s BITB, which saw an $8.09 million outflow, and Valkyrie’s BRRR fund, which lost $1.68 million. Despite the overall negative trend, Ark Invest’s and 21Shares’ ARKB fund bucked the trend, pulling in $5.34 million on Thursday. Meanwhile, funds like Grayscale’s Bitcoin Mini Trust, HODL, BTCO, EZBC, BTCW, and DEFI remained neutral with no significant trading changes.
As a result of these outflows, the cumulative net inflows for the Bitcoin ETFs have been trimmed to $17.78 billion. Currently, these 12 funds hold a combined total of $54.36 billion in Bitcoin, representing 4.62% of Bitcoin’s market value.
Ether ETFs Also Face Outflows
The Ether ETFs also experienced notable outflows, led by Grayscale’s ETHE, which lost $5.35 million. This contributed to the overall $1.77 million outflow from the nine Ether ETFs. The cumulative net outflows from these funds now stand at $477.25 million.
Despite the negative trend, there were some bright spots in the Ether ETF market. Grayscale’s Ethereum Mini Trust managed to pull in $3.57 million, offsetting some of the losses from other funds. On Thursday, approximately $95.91 million was traded across the nine Ether ETFs, which collectively hold $7.03 billion in Ether, making up 2.3% of Ether’s total market capitalization.
Market Implications
These outflows highlight the ongoing challenges faced by Bitcoin and Ether ETFs in a volatile market environment. The significant reductions across multiple funds suggest that investors are cautious, possibly due to broader market uncertainties or specific concerns related to cryptocurrency regulation and market conditions.
As Bitcoin and Ether continue to navigate these turbulent waters, the performance of these ETFs will likely remain a key indicator of investor sentiment and the overall health of the cryptocurrency market.
