In the US, bitcoin-related funds recorded a net outflow of $52.83 million against the backdrop of a 6.25% increase in the price of bitcoin.
Key Data on Withdrawals
Yesterday, the US market witnessed a net outflow of $52.83 million from bitcoin funds. This ended a four-day streak of net inflows totaling more than half a billion dollars. According to SoSoValue, Ark Invest and 21Shares’ ARKB suffered the most withdrawals, tallying up to $43.41 million. Bitwise’s BITB reported a $3.95 million outflow, while Grayscale’s GBTC saw a net outflow of $8.13 million.
Situation with Ether Funds
For three consecutive days, two of the nine spot ether ETFs reported net withdrawals totaling $9.74 million. Around $14.66 million was withdrawn from Grayscale’s ETHE fund, while $4.92 million was added to BlackRock’s ETHA ETF. The overall daily trading volume for the nine ether funds increased from $176.26 million to $221.88 million on Tuesday. Since their July inception, these ether funds have accumulated a net outflow of $615.58 million.
Market Reaction to Recent News
According to CMC data, the price of bitcoin rose 6.25% to $63,195 at the time of writing. Ethereum traded at $2443, up 6.40% in the last 24 hours. This surge is in response to the market's reaction to the recent Federal Open Market Committee meeting, where interest rates were slashed by 50 basis points.
The cryptocurrency market remains volatile with significant changes in trading volumes and net outflows from funds. However, the price rise of bitcoin and ether indicates a positive market reaction to recent news and macroeconomic events.
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