Spot Bitcoin ETFs extend negative streak, Ethereum ETFs return to red

The landscape around Bitcoin ETFs in the US has changed dramatically since a few weeks ago, when investors showed significant demand.

Current data shows six consecutive days of consistent departures, with September 3rd being the worst in terms of flows since May 1st.

Spot Bitcoin ETFs in Red

The behavior of US investors regarding Bitcoin ETFs at the moment is frequently affected by the state of the local economy. For example, they allocated more than $200 million on two occasions, on August 23 and 26, after Fed Chairman Jerome Powell promised that the time had come for the central bank to cut interest rates. interest

These innings were the culmination of an extended hitting streak of eight consecutive days. That’s where it all changed when investors started pulling out funds. As reported over the weekend, the rest of the week of August 26-30 saw only outflows, with more than $277 million leaving the financial vehicles.

September 2 was a national holiday in the United States. However, negative sentiment returned the next day, which actually became the worst since May 1, with $287.8 million pulled from the largest ETFs.

September 4th was also in the red, albeit in a less painful way: $37.2 million was taken out.

The price of BTC has also been affected in this time frame, moving from over $65,000 to around $57,000 now. It even dropped to $55,600 yesterday.

Performance of Ethereum ETF Exits

Unlike one-time Bitcoin ETFs, Ethereum counterparts have failed to attract any substantial demand from investors. The numbers are usually in the low two digits, with red dominating the graphics.

The last two days of trading were also quite painful, with $47.4 million withdrawn on September 3rd and $37.5 million withdrawn on September 4th.

Grayscale’s ETHE leads this adverse trend. While this is to be expected, what is particularly concerning is the lack of interest in the remaining ETFs. Even BlackRock’s ETHA, which was the first to surpass $1 billion in AUM, has seen no inflows since August 28 and August 20 before that.

Only Fidelity’s FETH saw inflows of less than $4.9 million on Wednesday, unlike the rest, where trading activity was minimal to non-existent.

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