HomeEthereumBitcoin ETFs experience significant $226.2M outflow following news of ETH ETFs

Bitcoin ETFs experience significant $226.2M outflow following news of ETH ETFs

Spot Bitcoin ETFs Experience Significant Outflows Following Volatility in Market

The cryptocurrency market saw a significant shift in spot Bitcoin ETFs yesterday, with outflows totaling $226.2 million, a stark contrast to the $100.8 million inflow recorded the day before. Fidelity’s FBTC led the outflows with $106.4 million, marking a sharp trend reversal from the previous day’s $50.6 million inflow. Grayscale’s GBTC and Ark’s ARKB also experienced significant outflows, while BlackRock’s IBIT was the only ETF to see inflows, totaling $18.2 million.

This downturn comes amidst increased volatility in the broader market, fueled by news from the SEC that the first spot Ethereum ETFs will be approved this summer. While some market analysts believe that ETH ETFs may not attract the same institutional attention as Bitcoin ETFs, the new product is expected to draw some volume away from Bitcoin. The reaction of the Bitcoin ETF market to rumors and news about ETH ETFs, with significant outflows recorded, further supports this notion.

The 44-day streak of continuous inflows to BlackRock’s IBIT has been broken, with yesterday’s inflows marking a significant departure from the ETF’s track record since its launch. The discrepancy between Wednesday’s inflows and Thursday’s outflows highlights the impact of external factors on the cryptocurrency market and the ongoing competition between different digital assets. Investors will be closely watching how these developments continue to shape the landscape of the cryptocurrency market in the coming days.

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