The cryptocurrency market continues to experience volatility, reflected in significant outflows from Bitcoin Spot ETFs. The total market capitalization has decreased, driving Bitcoin prices down.
ETF Outflows and Market State
According to SoSoValue update, Bitcoin's 24-hour trading volume reached $134.97 billion as multiple ETFs reported withdrawals. The total daily net outflow for U.S. Bitcoin Spot ETFs amounted to $371 million, yet cumulative inflows remained at $35.40 billion, indicating continued investor participation.
Market Trends and ETF Performance
BlackRock's ETF on NASDAQ had a $151.26 million daily net outflow with $39.33 billion in net inflows. Market price fell by 2.67% to $45.98, with a trading volume of 14.46 million shares. Fidelity's ETF on CBOE experienced a daily net outflow of $107.10 million, reducing total net assets to $16.23 billion, with the market price dropping 2.63% to $70.61 and 1.37 million shares exchanged.
Market Prospects and Impact on Crypto Prices
Grayscale's ETF on NYSE saw a net outflow of $35.49 million, bringing cumulative outflows to $22.48 billion. The market price fell by 2.65% to $63.96, with 851.13K shares traded. Ark Invest's ETF reported no inflows or outflows, maintaining total net assets of $3.83 billion, while the broader ETF market showed ongoing volatility.
The outflows from Bitcoin Spot ETFs and ongoing market volatility are impacting the prices of major crypto assets.
