As a seasoned researcher with years of experience tracking the cryptocurrency market, I must say that the recent trends in Bitcoin and Ethereum ETFs are intriguing. The consistent outflows from Bitcoin ETFs, especially the massive withdrawals from giants like ARKB and GBTC, suggest a shift in investor sentiment towards these products. However, the fact that Grayscale’s GBTC, once the largest Bitcoin ETF, has been overtaken by BlackRock’s IBIT is a testament to the dynamic nature of this market.
On August 28th, U.S.-based Bitcoin exchange-traded funds saw a second straight day of withdrawals, while Ethereum ETFs in the same category ended a nine-day streak of outflows.
Based on information from SoSoValue, Bitcoin ETFs in the 12th spot experienced a total withdrawal of $105.19 million over the past day, with ARK 21Shares ARKB leading the way for the second consecutive day, recording a net outflow of $59.3 million. This investment product also witnessed an even larger outflow of approximately $102 million the day before.
In contrast to Fidelity’s FBTC reporting a net withdrawal of approximately $10.4 million, VanEck’s HODL experienced similar outflows totaling $10.1 million. Furthermore, Bitwise’s BITB and the Grayscale Bitcoin Mini Trust also saw negative investments to the tune of $8.7 million and $8.8 million respectively.
On a single day, Grayscale’s GBTC experienced the least amount of withdrawals, totaling $8 million – this is the smallest outflow since mid-July. Yet, in total, these daily withdrawals add up to a staggering $19.75 billion.
According to Coinglass data, Grayscale’s Bitcoin holdings in the GBTC have decreased by more than 60% since it was transformed into an ETF. Once leading as the largest Bitcoin ETF, the GBTC has been surpassed by BlackRock’s IBIT, which took over the top spot only five months after its debut. To this day, IBIT remains the dominant player in the Bitcoin ETF market, with a total of 357,736 BTC, valued at approximately $22.2 billion.
On that particular day, the six remaining Bitcoin ETFs maintained a balanced stance, indicating no net purchases for the second day in a row within the realm of Bitcoin ETFs.
Currently, as I’m typing this, Bitcoin (BTC) has increased by 0.3% in the last 24 hours and is being traded at approximately $59,640, according to information from crypto news sources.
Spot Ether ETFs break 9-day outflow streak
On August 28th, there was a reversal as these Ethereum ETFs collectively experienced inflows totaling $5.84 million, marking a change after nine straight days of withdrawals.
On that particular day, only BlackRock’s ETHA and Fidelity’s FETH saw investments totaling $8.4 million and $1.3 million respectively. However, Grayscale’s ETHE experienced withdrawals of $3.8 million, adding to its cumulative withdrawals since its launch which now stand at a staggering $2.55 billion.
On August 28th, the trading volume for these investment tools surged to approximately $151.5 million, higher than the previous day’s figures. Moreover, the Ether Exchange-Traded Funds (ETFs) have collectively witnessed a net outflow of about $475.48 million up until now. At the time this was written, Ethereum (ETH) was also experiencing a 3.5% increase in value, trading at roughly $2,544 per unit.
Read More
Sorry. No data so far.
2024-08-29 10:04