Spot Bitcoin is on a high after a rally in August. [BTC] The September Effect is starting to kick in. ETFs have recorded inflows of $3.52billion in just one month. BTC ETFs have seen outflows of $462.73m in the last week. This was from September 8th through 11th.
This week began on a down note, with an outflow of $46.6M. Fidelity, Invesco, and Grayscale GBTC were the main culprits.
Bitcoin ETFs flow weekly analysis
The selling pressure increased on 9th September. BlackRock lost $19.5 millions, ARKB $78.0 and Grayscale GBTC another $27.2, bringing net outflows up to $120.2.
It was on the 10th of September that the situation continued to deteriorate, with net outflows totaling $282.7 Million. The 11th of September was slightly better with a total net outflow of $13.2 million.
Across four days the ETFs saw a net cumulative outflow amounting to approximately 462.7 million dollars, Ark Invest ARKB, and Grayscale GBTC were the main sources.
It was at this time that the price of Bitcoin After a 2.9% drop in the last week, the price of a home dropped from about $79K down to $77.324.76 as we went to press.
Ethereum ETFs went a completely different direction
The Thought Spot Ethereum [ETH] ETFs follow the same pattern as BTC ETFs. This time, however, things were different. Activity was low on the 8th, when net outflows reached $24.3million.
On the 9th, September the trend was decisively reversed, and the products recorded an overall net inflow $34.7 millions. On 10th, September the selling pressure was back.
On 11th of September, the most important change occurred. Ethereum ETFs saw a net inflow of $216.4 Million, the biggest positive daily figure in the last week.
BlackRock ETHA contributed the most with $148.8 millions, followed by BlackRock ETB ($18.3million).
Some altcoins have mixed patterns.
It goes without saying that other altcoins Also, the flow pattern was mixed. Solana [SOL] ETF records $10.30 millions in inflows during the week.
Bitwise’s BSOL was the main source of these flow. However, XRP ETF saw $0.00 worth of ETF flows during the week according to data from SoSo Value. According to SoSo Value, ETFs recorded $0.00 of flows in the last week. Hyperliquid [HYPE] ETFs experienced a net outflow of $26.42 millions during this period.
Bitcoin remains strong
Altcoin Index standing at 40% still indicates that BTC is the dominant currency.
At the same time the Crypto Fear and Greed Index lying in the ‘Greed’ zone at 63 at press time further suggests that the investors are bullish and this might just be a temporary slowdown.
The reason for this is that the first week of September was also strong Inflows are expected to increase due to the macroeconomic changes, and in particular expectations about U.S. policy.
Final summary
- The price of bitcoin has dropped and there have been weekly withdrawals in excess of $462.73 millions from spot Bitcoin ETFs.
- Other altcoin exchange-traded funds (ETFs) saw both inflows as well as outflows over the same time period.
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Source: ambcrypto.com
