Bitcoin ETFs recently experienced a shift in trend, with outflows being recorded while ether ETFs saw net inflows for the second time since their inception. This change came after a four-day period of losses in the market, particularly following a surge in prices after Donald Trump’s speech at the Bitcoin 2024 conference.
According to data from SoSoValue, U.S.-listed spot bitcoin ETFs saw $18 million in net outflows, breaking a streak of inflows that had reached as high as $124 million. Grayscale’s IBIT led the outflows with $73 million, while other major players like Fidelity, Ark Invest, Bitwise, and VanEck also saw outflows ranging from $2 million to $7 million. The only bitcoin ETF to record inflows was Blackrock’s IBIT, with nearly $75 million coming in.
On the other hand, ether-tracked ETFs saw net inflows of $33 million after a four-day losing streak, marking only the second day of net inflows since their launch on July 23. This stands in contrast to the cumulative net outflow of over $400 million that ether ETFs have experienced. Grayscale’s ETHE has recorded significant losses at $1.84 billion, while BlackRock’s ETHA leads in inflows with $618 million.
Despite the recent surge in bitcoin prices, the cryptocurrency saw a 5% drop on Monday following news that the U.S. Marshals Service had moved $2 billion worth of BTC to new wallets, sparking concerns about potential liquidation in the market. Traders are now closely watching major U.S. technology firms as they release earnings reports this week, an event that historically impacts bitcoin prices.
Looking ahead, market analysts are keeping an eye on upcoming macroeconomic events, including the FOMC meeting on Wednesday, earnings reports from tech giants like Apple, Amazon, and Meta, and unemployment data on Friday. Singapore-based QCP Capital maintains a range-trading outlook for BTC amidst the potential for increased volatility in the market.
Overall, the recent shifts in ETF flows and market dynamics highlight the ongoing uncertainty and volatility in the cryptocurrency space. Investors and traders are advised to stay informed and cautious in their decision-making as they navigate these fluctuations.
