Cryptocurrency markets continue to fluctuate, with $81.36 million withdrawn from U.S.-traded spot Bitcoin ETFs on Wednesday. This ended a two-day positive flow streak. On the same day, spot Ethereum ETFs saw an inflow of $10.77 million, maintaining a three-day positive flow streak.
Stagnation in Bitcoin ETFs! Significant Withdrawals from Various Funds
U.S. spot Bitcoin ETFs, particularly Grayscale‘s GBTC, Fidelity’s FBTC, and Ark-21Shares’ ARKB, saw notable withdrawals. Grayscale’s GBTC fund reported the largest net outflow of $56.87 million.
Fidelity’s FBTC fund followed with an $18.05 million outflow, indicating a significant selling wave in the markets. Meanwhile, BlackRock’s IBIT and Franklin’s EZBC resisted this trend, recording net inflows of $2.68 million and $3.42 million, respectively. However, the other six spot Bitcoin ETFs recorded no flows throughout the day.
Ethereum ETFs Maintain Positive Flow for Three Days
Despite the significant outflows in spot Bitcoin ETFs, Ethereum ETFs showed an opposite trend on the same day. Spot Ethereum ETFs continued their three-day positive flow streak with a net inflow of $10.77 million on Wednesday. However, Grayscale Ethereum Trust (ETHE) stood out with a $16.95 million outflow, being the only fund in this category to record a negative flow.
On the other hand, BlackRock’s ETHA fund had the largest net inflow of $16.13 million, while Fidelity’s FETH and Bitwise’s ETHW recorded net inflows of $6.65 million and $2.67 million, respectively.
Trading Volumes Decrease
The fluctuations in Bitcoin ETFs also reflected in trading volumes. On Wednesday, the total daily trading volume of all spot Bitcoin ETFs was recorded at $1.3 billion. Although this was a slight increase from the previous day’s $1.18 billion, it indicates increased volatility. Similarly, Ethereum ETF trading volumes decreased; Wednesday’s trading volume was $155.91 million, down from Monday’s $285.96 million.
The price of Bitcoin and Ethereum also experienced significant declines during this period. Bitcoin traded at $58,323, down 4.33% in the last 24 hours, while Ethereum fell 3.19% to $2,642. This indicates that investors in the cryptocurrency markets are leaning towards uncertainty and risk aversion.
