In the United States, spot Bitcoin ETFs have concluded their eight-day streak of positive inflows. According to SoSoValue data, these ETFs amassed $756 million over the past week. However, Tuesday marked a shift with net outflows reaching $127 million.
Impact on Trading Volume
The total trading volume of spot Bitcoin funds reached $1.2 billion. Since January, these funds have recorded a net inflow of $17.95 billion. However, the recent net outflows underscore investors' cautious approach to market volatility. These outflows mirror the recent uptick in market fluctuations and uncertainties.
Ethereum ETFs Face Continued Challenges
In contrast to Bitcoin, spot Ethereum ETFs have been struggling even more. For nine consecutive days, these ETFs recorded negative flows. Grayscale's Ethereum fund had a net outflow of $9.18 million, while Fidelity's FETH fund and Bitwise's ETHW fund saw net inflows of $3.88 million and $1.86 million, respectively. Despite these inflows, the overall net outflow for spot Ethereum funds was $481.32 million over the past nine days. Additionally, trading volumes for Ethereum funds have significantly declined from $900 million at the end of July to $129.95 million.
Market Performance
Bitcoin has lost 5.75% of its value in the last 24 hours, falling to $59,514, while Ethereum dropped by 8.02% to $2,481. The sharp fluctuations in the cryptocurrency markets are increasing investor concerns. This volatility is a contributing factor to the net outflows witnessed in spot ETFs. Investors may adopt more cautious strategies in the near term to mitigate risks.
In conclusion, the recent developments in spot Bitcoin ETFs in the US may significantly influence the broader cryptocurrency market trends. Investors' reactions to these changes in the coming days will be crucial in shaping market dynamics. For now, the scenario suggests more volatility and uncertainty ahead.
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