The US Bitcoin Spot ETFS have experienced another massive net outflow following the closing of the trading window. Over $900 million was pulled from the market by investors. This is the fifth successive week that institutional investors have withdrawn money from the market, indicating a weakening of their confidence in the cryptocurrency.
Bitcoin Institutional Investors withdraw from Bitcoin for a Fifth Straight week
In recent weeks, institutional investors showed caution after a successful start of the year that saw Bitcoin ETFs attract investments in excess of $5 billion. This was reflected in massive withdrawals. According to data from Farside InvestorsThe Bitcoin Spot Exchange Traded Funds have seen a net outflow of $921.4 Million during the last week, resulting in an estimated sum totaling to $5.4 billion in the last five weeks.
BlackRock IBIT, which had a net outflow of $338.1 millions last week, was the largest beneficiary. Fidelity FBTC came in second with $307.4 millions more redemptions than deposits. Other Bitcoin-related ETFs like Ark’s ARKB (Invesco), Franklin Templeton EZBC (WisdomTree), Grayscale’s GBTC, WisdomTree BTCW and Grayscale’s GBTC saw net outflows ranging from $33 to 81 million.
Bitwise BITB (Bitwise Investment Trust), Valkyrie BRRR (Valkyrie) and VanEck HODL (VanEck Holdings Limited) all had minor outflows, not exceeding $4 million. Grayscale BTC is the only one to show a positive performance with $5.5 millions in net flows.
It is possible to link the high level of withdrawals made from Bitcoin ETFs with the recent BTC correction. The price of the first cryptocurrency fell by 11.95% in the past month to as lows as $77,000. The institutional investors showed caution during this period. According to Bloomberg, the Bitcoin Spot exchange-traded funds (ETFs) total assets decreased by 21.70% to $89.89billion. data from SoSoValue.
Ethereum ETFs lose $190 million in withdrawals
Despite the struggles of Bitcoin ETFs, Ethereum Spot ETFs are experiencing a similar market sentiment after net outflows totaling $189.9 millions in the past week. The third week in a row has seen withdrawals. This brings the net outflows for this time period to $645.08 millions.
BlackRock ETHA, like its Bitcoin counterpart experienced withdrawals worth $63.3 Million in the past seven days. As of the date this article was written, the total cumulative inflows for the Ethereum ETF were valued at approximately $2.52 billion. The total net assets stood at about $6.72 billion. 2.90% market capitalization of ETH.
Ethereum, meanwhile, continues to trade for $1,924, reflecting a 0.73 % gain over the last 24 hour. Bitcoin, on the other hand is worth $84,009 and has not seen any significant changes in its price.
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Source: www.newsbtc.com
