Spot Bitcoin ETFs have faced significant outflows, totaling $52.7 million on September 18, bringing an end to four consecutive days of positive momentum that amassed inflows exceeding $500 million. This recent activity highlights a shift in investor sentiment towards these ETFs.
According to data from SoSoValue, the primary contributor to this dip was ARK 21Shares’s ARKB, which witnessed $43.4 million in outflows. Similarly, Grayscale’s GBTC and Bitwise’s BITB recorded outflows of $8.1 million and $3.9 million respectively, further amplifying the negative trend. Only Grayscale Bitcoin Mini Trust bucked the trend, attracting $2.7 million, while the remaining eight spot BTC ETFs, including BlackRock’s IBIT, showed no activity on this day.
Moreover, the total trading volume for these investment products sharply declined by 28%, dropping from $2.27 billion on September 17 to $1.63 billion the following day. Despite this downturn, these ETFs have accumulated a total net inflow of $17.44 billion since their inception.
Interestingly, Bitcoin’s price soared by 3% over the past 24 hours to reach $62,109, as per crypto.news. This surge follows a recent decision by the Federal Open Market Committee to reduce interest rates by 50 basis points, a move that typically stimulates demand for risk assets, propelling Bitcoin into a bullish trend.
Spot Ether ETFs See Third Day of Consecutive Outflows
Simultaneously, nine U.S.-based spot Ethereum ETFs observed net outflows of $9.74 million on September 18, continuing their third consecutive day of outflows. Grayscale’s ETHE was responsible for all daily outflows, witnessing a withdrawal of $14.7 million from its fund, as outlined in SoSoValue’s data.
However, these losses were somewhat mitigated by BlackRock’s ETHA, which recorded inflows of $4.9 million on the same day. The other seven ETH ETFs remained stagnant. Contrasting Bitcoin ETFs, the trading volume for these Ether ETFs surged to $221.88 million from the previous day’s $176.26 million. Overall, spot Ether ETFs have endured a cumulative net outflow of $615.58 million to date. As of this writing, Ethereum’s (ETH) price climbed by 4.8%, trading at $2,438.
The fluctuation in ETF inflows and outflows illustrates shifting market dynamics. Investors need to stay informed about such trends for better decision-making in asset allocation and investment strategies.
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