As an analyst with over two decades of experience in financial markets, I find it intriguing to observe the recent trend in Bitcoin and Ethereum exchange-traded funds (ETFs). The consistent outflows from Bitcoin ETFs, particularly ARKB and ETHE, suggest a cautious approach from investors. However, the resilience of Grayscale Bitcoin Mini Trust, which saw inflows on Sept. 18, and the overall cumulative net inflow since inception, indicates a strong underlying interest in these assets.
On September 18th, U.S.-based Bitcoin exchange-traded funds experienced a total withdrawal of approximately $52.83 million, marking the end of a four-day streak where these ETFs recorded net inflows exceeding $500 million.
Based on information from SoSoValue, the largest withdrawals from these Exchange-Traded Funds (ETFs) were primarily from ARK 21Shares’ ARKB fund, which experienced a withdrawal of approximately $43.4 million. Additionally, Grayscale’s GBTC and Bitwise’s BITB also reported outflows totaling around $8.1 million and $3.9 million respectively.
On that particular day, the Grayscale Bitcoin Mini Trust was the unique spot Bitcoin fund that saw investments, amassing approximately $2.7 million. Meanwhile, the other seven spot Bitcoin ETFs, such as BlackRock’s IBIT, maintained a balanced position without any significant inflows or outflows on the same day.
The trading volume for these investment goods declined by 28% from approximately $2.27 billion on September 17th, down to around $1.63 billion as of yesterday. Since their launch, these funds have accumulated a total net inflow of $17.44 billion.
Currently, Bitcoin (BTC) has climbed up by 3% over the past 24 hours and is trading at $62,109, as reported by crypto.news. This price hike comes after the Federal Open Market Committee made a decision to lower interest rates by 0.5%. Historically, such a move in monetary policy tends to increase demand for riskier assets, causing Bitcoin’s value to rise and enter a bullish phase.
Spot ETher ETFs record third consecutive day of outflows
On September 18th, the nine Ethereum ETFs based in the U.S. collectively saw a withdrawal of $9.74 million, marking the third consecutive day of outflows. All of this day’s net withdrawals came from Grayscale’s ETHE fund, with a total of $14.7 million being taken out.
On that particular day, the outgoing funds were partly counterbalanced by the influx of $4.9 million into BlackRock’s ETHA. Meanwhile, the other seven Ethereum-based ETFs maintained a balanced position.
The trading volume for these investment vehicles jumped to $221.88 million from the $176.26 million seen the previous day. The spot Ether ETFs have experienced a cumulative net outflow of $615.58 million to date. At the time of publication, Ethereum (ETH) saw a 4.8% rise, trading at $2,438.
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2024-09-19 12:10