While institutional investors continue to pull millions from Bitcoin ETFs and Ethereum ETFs in the face of a sagging crypto market, newly launched funds are attracting fresh capital.
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- Bitcoin and Ethereum ETFs report huge outflows, as the market price crashes.
- BlackRock IBIT, which is a BTC tracking fund, saw a $186.51 Million outflow on November 3.
- Ethereum ETFs dropped $135.76M on the same date; BlackRock ETHA was leading with an outflow of $81.70M.
- Solana, Hedera, Litecoin ETFs posted inflows of $70.05M, $22.06M, and $855,880, respectively.
Crypto ETF investor sentiment continues to worsen as Bitcoin and Ethereum exchange-traded fund outflows continue for a fourth consecutive day. Bitcoin ETFs were the worst performers, with an outflow of $186.51 millions on November 3, according to data SoSoValue
BlackRock IBIT is credited with the total outflow. This marks a dramatic change in behavior on the part of institutions. Total Bitcoin ETF redemptions in the past 4 days have reached $1.33 Billion.
Total losses on the Ethereum ETF have accumulated. risen On Nov. 3, six of the nine issuesrs reported outflows exceeding $135.8 Million. BlackRock ETHA is the leader, with an outflow of $81.7 million. Fidelity FETH, Grayscale ETHE and Grayscale ETHE are the next two with redemptions totaling $25.14 and $15.03 millions.
BTC’s (BTCThe ETH trading price is below $104,000.ETH) under $3,500. The market is experiencing over $1.37 billion in liquidations In the last 24 hours, there has been a downward pressure on prices.
SOL, LTC and HBAR buck the Bitcoin ETF trend
Newly launched ETFs have seen positive growth despite the heavy sales of Bitcoin and Ethereum ETFs. Solana (SOLETFs in particular. recorded Their highest inflow ever since their launch. They reached $70.05 in one day, continuing a streak of five days with net inflows.
Hedera’s (HBARCanary HBR ETF extended also its four-day run of inflows. bringing In $22,06 million Nov. 3. Litecoin, (LTC) ETF, Canary LTCC, also recorded inflows but with a more modest $855,880.
Despite Solana’s inflows and Litecoin’s gains, the price of these ETFs has taken a big hit over the past 24 hours. Solana’s price has fallen 9.39%, erasing most of its recent gains. Litecoin is down 6.73% at $86.88 while Hedera has dropped 5.14% to $1.73.
In the face of increasing volatility, institutional investors are cautious. This is reflected in ETF withdrawals. Altcoin ETFs have seen inflows but the overall trend is still indicating concern about short-term performance of crypto.
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Source: crypto.news
