In the US, spot Bitcoin ETFs ended their eight-day streak of positive inflows on Tuesday. According to SoSoValue data, $756 million was accumulated during this period. However, yesterday saw a net outflow of $127 million. Notably, Ark & 21Shares’ ARKB fund took the biggest hit with a negative flow of $101.97 million. Additionally, Grayscale’s GBTC fund saw an outflow of $18.32 million, and Bitwise’s BITB fund had an outflow of $6.76 million. Valkyrie’s BRRR fund remains uncertain as it was not updated.
Total Trading Volume Reached $1.2 Billion
The total trading volume of spot Bitcoin funds reached $1.2 billion. Since January, a total net inflow of $17.95 billion has been recorded. However, yesterday’s net outflows indicate that investors are cautious about market fluctuations. The outflows can be seen as a reflection of the recent increase in volatility and uncertainty in the markets.
Despite the net outflows in Bitcoin, the situation for Ethereum ETFs painted an even more negative picture. Spot Ethereum ETFs faced negative flows for the ninth consecutive day. Grayscale’s Ethereum fund recorded a net outflow of $9.18 million, while Fidelity’s FETH fund saw a net inflow of $3.88 million, and Bitwise’s ETHW fund had a net inflow of $1.86 million.
However, looking at the overall picture, spot Ethereum funds recorded a net outflow of $481.32 million over the past nine days. In terms of trading volume, Ethereum funds are far from the $900 million levels seen at the end of July, remaining at $129.95 million.
Market Decline
Bitcoin lost 5.75% of its value in the last 24 hours, falling to $59,514. Ethereum dropped by 8.02%, reaching $2,481. The sharp fluctuations in the cryptocurrency markets are worrying investors. This situation is one of the reasons for the net outflows in spot ETFs. Market players may take more cautious steps in the near term to protect against volatility.
The negative development in spot Bitcoin ETFs in the US could significantly impact the general trends of the cryptocurrency markets. How investors will assess this situation in the markets will become clear in the coming days. For now, the picture signals more volatility and uncertainty.
