Bitcoin ETFs see $116.9M outflow as Ether funds stay stable
Bitcoin (CRYPTO:BTC) exchange-traded funds (ETFs) experienced significant outflows on Tuesday, with investors withdrawing a total of $116.9 million, marking a challenging trading session ahead of the 2024 U.S. presidential election.
According to the latest figures, Fidelity’s FBTC saw the most substantial decline, shedding $68.24 million.
Blackrock’s IBIT followed, losing $44.23 million.
Other funds such as Ark Invest and 21Shares’ ARKB and Franklin Templeton’s EZBC registered outflows of $12.48 million and $6.04 million, respectively.
Vaneck’s HODL saw a decrease of $3.93 million, while Valkyrie’s BRRR dipped by $1.28 million.
Amid these declines, Bitwise’s BITB fund stood out, gaining $19.28 million in new investments.
Despite the $116.9 million outflow, cumulative net inflows for Bitcoin ETFs since January 11, 2024, remain at $23.50 billion.
Tuesday’s trading volume for the 12 spot BTC ETFs amounted to $2.39 billion, with their combined holdings now valued at $69.28 billion, representing approximately 5.04% of Bitcoin’s total market cap.
On the other hand, the nine Ether (CRYPTO:ETH) ETFs had a flat trading day with no net gains or losses.
A total of $163.5 million was transacted, but cumulative outflows since July 23 stand at $554.66 million.
The current holdings of ETH ETFs are valued at $6.64 billion, accounting for 2.27% of Ethereum’s market capitalisation.
The contrasting performances of Bitcoin and Ether ETFs underscore how investor sentiment can diverge across different assets, even during significant events such as U.S. Election Day.
While Bitcoin ETFs faced substantial withdrawals, Ether ETFs remained steady, showing how portfolio strategies may reflect cautious or confident stances influenced by broader market and economic signals.
At the time of writing, the Bitcoin price was $75,587.04, and the Ethereum price was $2,814.78.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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