Bitcoin ETFs saw a net redemption of $1.33 billion during the week ended January 23, the second largest weekly redemption ever.
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- Bitcoin ETFs have seen $1.33B worth of outflows. This is the second highest weekly redemption in history.
- Ethereum ETFs were next, with 611M dollars in withdrawals led by BlackRock ETHA.
- Solana ETFs stayed in positive territory with their weekly flows, while XRP had its first ever outflow.
As institutional investors decreased their exposure to crypto amid the market’s volatility, they reduced this week’s inflow of $1.42bn.
BlackRock ETHA posted redemptions of $432,000,000, followed by Ethereum spot ETFs with $611.17 Million. The first weekly outflow for XRP ETFs since their launch was $40.64m, which ended a run of positive flows.
Solana ETFs broke the trend by attracting $9.57m in inflows per week, the only exception amongst major crypto ETFs.
Bitcoin ETFs have experienced four days in a row of withdrawals
Throughout the period of January 20 to 23, there was continuous sales pressure throughout Bitcoin ETFs. The largest outflow of the week was $708.71 millions on Tuesday, which followed a Monday with $483.38.
On Wednesday, $32.11 millions in cash was withdrawn. Thursday’s total of $103.57 Million.
The total assets managed fell from $124.56 billion to $115.88 on the 23rd of January, down from $124.56 on the 16th.
The cumulative total of net flows dropped from $57.82 to $56.49 during the same time period. Total traded value for the week was $17.45billion.
This reversal occurred just one week following a strong buy-in by institutions. Inflows of $1.42bn were recorded over four positive days in the week ended January 16, with $843.62m on January 14, which was the highest single day performance.
The weekly data show that Bitcoin ETFs alternated between inflows (inflows) and outflows (outflows) throughout the month of January. Weekly data shows that the Bitcoin ETFs experienced alternating inflows and outflows throughout January.
BlackRock is the leading redemption in Ethereum’s loss of $611 million
Ethereum’s outflows for the week totaled 611,17 millions dollars. This is a sharp contrast to last week’s inflows of $479.04million.
ETHA, a BlackRock product, accounted for $71 million of the redemptions.
Weekly outflows were constant. On January 20, $229.95 millions were withdrawn, and on January 21, $297.51 dollars.
Inflows of $41,98 and $41.74 millions respectively were recorded in the final two days.
On January 23, the total net assets of Ethereum ETFs decreased to $17.70bn from $20.42bn on January 16
The total cumulative net inflow fell to $12.30 Billion from $12.91 Billion. Weekly trading volume reached $ 6.99 billion.
The XRP-based ETFs have recorded their first ever weekly outflow of $40.64 after a three week streak of positive inflows.
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Source: crypto.news
