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Cryptocurrency News Articles
ARK 21Shares ETF Leads Bitcoin (BTC) Outflows as Spot Bitcoin (BTC) and Ethereum (ETH) Exchange-Traded Funds (ETFs) in the United States Register Notable Net Outflows
Sep 19, 2024 at 10:03 pm
Spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) in the United States registered notable net outflows on Sep. 18, totaling $52.7M for the former and $9.8M for the latter.
Spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) in the United States saw notable net outflows on Sep. 18, totaling $52.7M for the former and $9.8M for the latter.
After several days of inflows for Bitcoin ETFs, this development marks a reversal but extends Ethereum ETFs’ withdrawal streak to three days. Data from Spotonchain showed that withdrawals from Bitcoin ETFs were $52.83M, ending four days of net inflows during which it attracted over $500M.
ARK 21Shares ETF Leads Bitcoin Outflows
The outflows were led by ARK 21Shares’s ARKB, with $43.4M exiting the fund. Grayscale’s GBTC and Bitwise’s BITB followed, with outflows of $8.1M and $3.9M, respectively.
Grayscale Bitcoin Mini Trust was the only spot BTC fund to experience inflows, gaining $2.7M. The remaining eight spot BTC ETFs, including BlackRock’s IBIT, saw no inflows or outflows for the day.
The trading volume for Bitcoin exchange-traded funds fell by 28%, decreasing from $2.27 billion on Sep. 17 to $1.63 billion the next day. Nonetheless, these funds have recorded a cumulative net inflow of $17.44 billion since inception.
BTC’s price rose by 3% in the last 24 hours, trading at $62,109 at the time of writing, according to Coingecko data. This bullish movement followed the Federal Open Market Committee’s recent decision to cut interest rates by 50 basis points.
Ethereum ETFs Record Third Day of Consecutive Outflows
Like their BTC counterparts, US spot Ethereum ETFs also reported a net loss of $9.8M, marking their third consecutive day of outflows. According to Spotonchain data, the withdrawals primarily originated from Grayscale’s ETHE, as $14.7M exited the fund.
However, BlackRock’s ETHA recorded inflows of $4.9M, partially mitigating the losses. The remaining seven ETH ETFs recorded zero flows. Trading volume for these Ethereum-focused investment products rose sharply, reaching $221.88M, up from $176.26M on Sep. 17.
Accordingly, spot Ether exchange-traded funds have seen a total net outflow of $615.58M since their inception. Meanwhile, ETH’s price experienced positive price movement. The cryptocurrency gained 5.4% in price and was trading at $2,428 at the time of writing.
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