Bitcoin ETFs See $43M Outflow
Bitcoin ETFs faced a $43 million outflow on Wednesday, ending a two-day winning streak, with ARKB leading the decline amid rising market volatility.
After two days of steady growth, Bitcoin ETFs in the U.S. saw a sharp reversal on Wednesday, with net outflows reaching $43.97 million. The drop came after positive inflows earlier in the week, signaling a shift in investor sentiment.
ARKB Leads Bitcoin ETF Outflows
One of the key funds behind this decline was Ark Invest and 21Shares’ ARKB, which led the losses, recording $54.03 million in outflows. While most ETFs remained steady with little movement, ARKB experienced the biggest hit. Other notable outflows included Grayscale’s GBTC with $4.59 million leaving the fund and Bitcoin Mini Trust, which saw $511,230 withdrawn.
Despite the downturn for many funds, Fidelity’s FBTC saw a positive inflow, attracting $12.57 million on Wednesday, making it the day's biggest gainer. Invesco’s BTCO also saw a modest increase, with $2.59 million added to the fund. However, most other funds, including BlackRock’s IBIT, reported zero net inflows for the day. Interestingly, IBIT hasn’t seen any net inflows since late August.
Overall, Bitcoin ETFs posted a daily trading volume of $1.27 billion, a significant increase from the previous day’s $712.25 million. Despite this uptick in trading volume, confidence in Bitcoin as an investment vehicle remains somewhat volatile.
Ether ETFs Also See Negative Flows
It wasn’t just Bitcoin ETFs that struggled on Wednesday. Ether ETFs followed a similar trend, with net outflows totaling $542,870. VanEck’s ETHV saw the largest outflows at $1.71 million, while Fidelity’s FETH was one of the few to attract net inflows, pulling in $1.17 million.
Much like Bitcoin, most Ether ETFs experienced little to no movement. Seven funds reported zero net flows for the day, mirroring the stagnation seen in some Bitcoin ETFs. Ether ETFs also saw an uptick in daily trading volume, rising from $102.87 million on Tuesday to $126.22 million on Wednesday.
Though both Bitcoin and Ether prices saw modest gains on Wednesday, investor sentiment in the ETF space remains cautious. With significant outflows and fluctuating prices, the market continues to experience uncertainty, making it a challenging environment for traders and investors alike.
