SosoValue’s data shows that on Wednesday $37.29 million overall left spot Bitcoin ETFs. Along with GBTC’s losses, Fidelity’s FBTC saw $7.59 million in net outflows while VanEck’s HODL noted $4.91 million left the fund. By comparison, Bitwise’s BITB attracted $9.46 million and was the only ETF with net inflows. Seven other ETFs as well as BlackRock’s IBIT, the biggest spot Bitcoin ETF, saw zero daily inflows.

Reflecting the declining market activity, the total daily trading volume for the twelve Bitcoin ETFs dropped to $1.41 billion on Wednesday from $1.56 billion the day before.

With $37.51 million in net withdrawals, U.S. spot Ethereum ETFs likewise saw negative flows for the second straight day of such losses. While the Grayscale Ethereum Mini Trust (ETH) attracted $3.12 million in inflows, the Grayscale Ethereum Trust (ETHE) suffered losses of $40.63 million and carried most of these outflows.

The seven surviving spot Ether ETFs reported no flows in meanwhile. Wednesday’s total trading volume for the nine Ether ETFs fell from $163.5 million the day before to $145.86 million.

Market mood is still wary as Bitcoin and Ethereum ETFs face outflows; experts will be keenly observing if these developments continue in the next days.

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The 11 spot bitcoin exchange-traded funds (ETFs) in the U.S. experienced total daily net outflows of $20.45 million on Wednesday. Only two funds saw net flows, while the remaining recorded zero flows.

ETF Performance and Market Impact

Grayscale’s GBTC reported daily net outflows of $26.99 million, which were countered by $6.55 million in net inflows from Fidelity’s FBTC, according to data from SoSoValue. The other nine ETFs, including BlackRock’s IBIT, logged zero flows. The 11 bitcoin funds had around $800 million in trading volume on Wednesday, lower than Tuesday’s volume of $995 million. This recent trading volume is significantly lower than in March, when they saw daily volumes of around eight to ten billion dollars. Since their January inception, the ETFs have accumulated a total net inflow of $14.62 billion.

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The price of bitcoin dropped 3.85% in the past 24 hours to $58,696 at the time of publication, while the entire crypto market is down 2.50%, according to TradingView.

Spot Ethereum ETFs Await Approval

Meanwhile, U.S. issuers still await the final green light from the U.S. Securities and Exchange Commission (SEC) on spot Ethereum ETFs. The SEC approved 19b-4 forms for eight spot Ethereum ETFs on May 23, and issuers have filed amended S-1 registrations to the agency for review. Bloomberg ETF analyst James Seyffart said on X that spot Ether funds might be listed later next week or the week of July 15.

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After a sharp correction that pushed it down to $56,500, Bitcoin has entered a recovery phase, gaining 6.4% in the last day. This upward momentum has also extended to altcoins, with Ethereum reclaiming the $3,100 level, BNB hitting $580, and Solana (SOL) surpassing $140.

Factors Driving the Rise:

US Nonfarm Payrolls Data: The release of US nonfarm payroll data below expectations yesterday triggered Bitcoin’s price surge. Investors interpreted this data as an indication that the Federal Reserve may initiate interest rate cuts earlier than anticipated.

Related Article: US Nonfarm Payrolls Data Released: How Did Bitcoin React?

Grayscale GBTC Inflows: Grayscale’s spot Bitcoin ETF, GBTC, witnessed its first net inflow since its debut. This development suggests a renewed interest in Bitcoin among investors.

Overall Market Sentiment: The recent optimism and risk-taking appetite observed in global markets are also contributing to Bitcoin’s price hike.

Investors’ Focus:

Federal Reserve Interest Rate Decision: Investors are closely watching the upcoming Federal Reserve (FED) interest rate decision. Anticipation of a rate cut could fuel further growth in risky assets like Bitcoin.

Cryptocurrency Regulations: Developments surrounding cryptocurrency regulations worldwide are also on investors’ radar. Favorable regulations could support Bitcoin’s price.

Bitcoin Price:

As of writing, Bitcoin is trading at $62,950, according to CoinGecko. For the price to maintain this level and continue its upward trajectory, investors should closely monitor the market and carefully consider their risks.

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