Bitcoin ETFs Experience Outflows as Ether Funds Enjoy Fifth Consecutive Inflow

Bitcoin ETFs Experience Outflows

U.S. spot bitcoin exchange-traded funds (ETFs) recorded a significant outflow of $85 million on Wednesday, effectively ending a brief three-day inflow streak that had brought in approximately $509 million.

Ether Funds Continue Positive Streak

In contrast, ether ETFs posted a robust inflow of about $70 million on the same day, marking their fifth consecutive session of positive inflows. While the inflow for ether came from a narrower base compared to bitcoin, it represents a growing momentum in ether investments.

Details on Fund Flows

The recent outflows in bitcoin ETFs were widespread, with BlackRock’s IBIT shedding around $59 million, Grayscale’s GBTC losing nearly $64 million, and Fidelity’s FBTC giving up approximately $15 million. The only fund showing gains was Grayscale’s mini BTC fund, which added about $53 million. Following these changes, the total assets held by bitcoin ETFs decreased to about $75 billion.

Market Response

On the last recorded day, bitcoin was trading around $62,300, while ether’s price was near $1,740, both values indicating a decline of approximately 3% over the day. However, ether has outperformed bitcoin in the last two weeks, driven by factors such as the Lean Ethereum roadmap and renewed ETF demand.

Broader Market Context

The recent activity in cryptocurrency markets aligns with broader economic conditions, including fluctuations in oil prices and rising U.S. Treasury yields, which have remained steady at a seven-week high.