As a seasoned crypto investor with a decade of experience under my belt, I’ve learned to weather the market’s storms and appreciate its sunny days. The recent outflows from Bitcoin ETFs, coupled with Ethereum’s slower inflows, have raised some eyebrows in the community.
In the U.S., Bitcoin-related exchange-traded funds started the week by experiencing substantial withdrawals, coinciding with a drop in Bitcoin’s price below $93,000 and a series of long positions being closed out.
Based on figures from SoSoValue, Bitcoin ETFs holding the 12th position experienced withdrawals amounting to $438.38 million on November 25, ending a five-day run of investments. The preceding week had set a new record with weekly inflows of approximately $3.38 billion into these funds.
On Monday, Bitwise’s BITB fund experienced the largest outflow with a total of $280.73 million being withdrawn. Meanwhile, Grayscale’s GBTC, Fidelity’s FBTC, ARK, and 21Shares’ ARKB funds also saw significant withdrawals amounting to $158.24 million, $134.72 million, and $110.88 million respectively.
A smaller amount of money was taken out from Invesco’s BTCO, VanEck’s HODL, and Valkyrie’s BRRR, with each fund experiencing withdrawals totaling approximately $10.89 million, $8.05 million, and $3.09 million respectively.
BlackRock’s IBIT recorded inflows totaling $267.79 million over the past day, making it the fourth straight day with inflows into this fund. Meanwhile, Grayscale’s GBTC reported modest inflows of $420,460. The other three Bitcoin ETFs did not see any activity on this particular day.
On November 25th, a substantial amount of Bitcoin was withdrawn, which happened concurrently with a 6% decrease in its price. The price drop brought it down from approximately $98,850 to $92,775 during early Asian market hours. Additionally, the leading cryptocurrency experienced over $116 million worth of long positions being liquidated on that day.
At press time, Bitcoin (BTC) was down 3.5%, trading at $94,646 per coin.
Ethereum ETFs See Slower Inflows
On November 25th, there was a marked decrease in investments into nine Ethereum ETFs, with just $2.83 million flowing in contrasted with the $91.21 million seen on the preceding trading day.
In a recent inflow of funds, Bitwise’s ETHW led the way with approximately $8.75 million, closely followed by Fidelity’s FETH which reported around $4.36 million. VanEck’s ETHV also contributed nearly $2.55 million to these inflows.
Today saw significant withdrawals from Grayscale’s ETHE, amounting to approximately $7.65 million. Similarly, Grayscale Ethereum Mini Trust and 21Shares’ CETH also experienced outflows totaling $3.96 million and $1.22 million respectively.
The remaining Ethereum ETFs remained neutral on the day.
At the time of writing, Ethereum (ETH) was up 1.3%, trading at $3,430.
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2024-11-26 10:00