Crypto:
31594
Bitcoin:
$62.150
% 2.14
BTC Dominance:
%56.9
% 0.17
Market Cap:
$2.17 T
% 3.11
Fear & Greed:
41 / 100
Bitcoin:
$ 62.150
BTC Dominance:
% 56.9
Market Cap:
$2.17 T

Spot Bitcoin and Ether ETFs Record Significant Outflows

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On Wednesday, spot Bitcoin exchange-traded funds (ETFs) in the United States witnessed total daily net outflows of $43.97 million, therefore ending a two-day positive flow run. Based on SoSoValue statistics, Ark Invest and 21Shares’ ARKB led the withdrawals with reported withdrawal of $54.03 million.

With $4.59 million in net withdrawals, Grayscale’s GBTC likewise suffered a large loss; its Bitcoin Mini Trust saw roughly $511,230 in outflows. By contrast, Fidelity’s FacebookTC led the daily net inflows with $12.57 million, followed by Invesco’s BTCO, with $2.59 million. Seven more Bitcoin funds—BlackRock’s IBIT among others—recorded zero daily flows; IBIT has not seen any inflows since August 26.

Wednesday’s daily trading volume for the 12 Bitcoin ETFs came out to be $1.27 billion, a significant increase from $712.25 million the day before. These Bitcoin ETFs have drawn $17 billion in net inflows since their January introduction.

Spot Ethereum ETFs also had inflows, coming to about $542,810. While Fidelity’s FESH countered with $1.17 million in inflows, VanEck’s ETHV saw $1.71 million in net withdrawals. Of the nine Ethereum ETFs, seven showed nil daily activity. Wednesday’s total trading volume for the Ether ETFs was $126.22 million, up from $102.87 million on Tuesday; cumulative net outflows for the ETFs come at $562.06 million.

These outflows from Bitcoin and Ethereum ETFs are a normal reaction to better U.S. economic statistics, claims crypto analyst Rachael Lucas of BTCMarkets. With a 0.2% increase in August the U.S. consumer price index shows the 12-month inflation rate to be 2.5%, the lowest since February 2021.

With an 85% chance the Federal Reserve would cut rates by 25 basis points, investors are now focusing on the Federal Open Market Committee meeting next week. CME Group’s FedWatch Tool shows.

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