Bitcoin and Ether exchange-traded funds (ETFs) in the United States have recently shown contrasting dynamics. While Bitcoin ETFs have seen a dramatic increase in outflows, Ether ETFs have seen their outflows slow.
A significant increase in outflows from Bitcoin ETFs
According to the data, the 12 Bitcoin ETFs saw net outflows of $211.15 million on September 5, an increase of more than six times from $37.29 million the previous day. Fidelity’s FBTC fund was the hardest hit with $149.5 million withdrawn. Biwise’s BITB, Grayscale’s GBTC, and Grayscale Bitcoin Mini Trust also saw outflows of $30 million, $23.2 million, and $8.4 million, respectively.
Over the past seven days, Fidelity’s FBTC saw the largest outflows with $374 million, surpassing Grayscale’s GBTC with $227 million. The largest Bitcoin fund, BlackRock’s IBIT, with over $20.91 billion in total inflows, was flat on the day, as were the other eight Bitcoin ETFs.
Ether ETF flows show signs of stabilization
All nine Ether ETFs showed bearish trends with net outflows of $152,720 on September 5 according to the data. Grayscale’s ETHE fund saw outflows of $7.4 million, while the Grayscale Ethereum Mini Trust nearly made up for that with inflows of $7.2 million. The other seven Ether funds showed no activity on the day.
The drop in Bitcoin’s price came as a sense of fear spread across the crypto industry. The Crypto Fear and Greed Index dropped to 22, its lowest level in over a month, according to Alternative. This fear is likely fueled by concerns about a potential recession in the United States after a string of weak economic data.
Recent trends in Bitcoin and Ether ETF flows reflect the complex dynamics of the cryptocurrency market. Investors must remain vigilant and well-informed to navigate this ever-changing environment.
Maximize your Tremplin.io experience with our 'Read to Earn' program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
