In the U.S., Bitcoin-related exchange-traded funds experienced three straight days of withdrawals this year, with Bitcoin dipping below $90,000 and contributing to a general market trend of increased caution.
Based on information from SoSoValue, Bitcoin ETFs holding the 12th position recorded a total net withdrawal of $284.19 million on January 13th. This marks the third consecutive day of outflows, with more than $1 billion being withdrawn from these funds during this period.
On Monday, Fidelity’s FBTC fund experienced the largest withdrawals, amounting to approximately $113.64 million, while ARK 21Shares’ ARKB fund also reported significant outflows totaling around $92.36 million.
As a researcher examining the recent market trends, I’ve observed that both Grayscale’s GBTC and Bitwise’s BITB played a role in the prevailing negative sentiment. Specifically, investors chose to pull out $89.01 million from GBTC and $18.64 million from BITB, contributing to the overall withdrawal trend.
Interestingly, while other Bitcoin ETFs saw no activity, BlackRock’s IBIT bucked the trend, receiving a $29.46 million influx on that particular day.
Yesterday’s trading volume for the 12 Bitcoin ETFs amounted to approximately $3.26 billion, but today it slightly decreased to around $3.17 billion.
On January 13th, large transactions occurred simultaneously with Bitcoin, the leading digital currency, momentarily dropping below $90,000 in value on that same day.
Over the past week, I’ve observed a downward trend in crypto assets that seems to be linked to some recent economic developments. Specifically, the stronger-than-anticipated payroll numbers led to an increase in bond yields, which in turn appears to have contributed to this decline.
Moreover, speculation about President-elect Donald Trump’s proposed tariffs has strengthened the dollar and, concurrently, added pressure to Bitcoin and other risk assets. This implies that the uncertainties surrounding his tariff plans could potentially influence the performance of crypto assets in a negative manner.
Currently, Bitcoin (BTC) has climbed by 1% and surpassed the $95,000 mark, a significant support point that could facilitate its return to values beyond $100,000, according to several industry experts.
Ethereum ETFs also face outflows
On January 13th, the nine Ethereum-based exchange-traded funds experienced a fourth straight day of withdrawals, totaling approximately $39.43 million in this round.
Yesterday, there was a withdrawal of approximately $37.84 million from Grayscale’s Ethereum Mini Trust, and an additional $14.49 million left Grayscale’s GBTC fund. These outflows helped fuel a downward trend in the market.
On a given day, BlackRock’s ETHA fund experienced a $12.9 million inflow that helped counterbalance some of the outflows it had. Other exchange-traded funds (ETFs) associated with it remained unchanged on that day.
Ethereum (ETH) was down 1.9% trading at $3,175 when writing.
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2025-01-14 09:46