The cryptocurrency market is experiencing a challenging period, highlighted by significant fund withdrawals related to Bitcoin and Ethereum.
Massive Losses for U.S. Bitcoin ETFs
In the past week, Bitcoin and Ethereum ETFs saw outflows of $1.2 billion. The U.S. market alone accounted for $980 million in outflows, with major losses reported by firms like BlackRock and Fidelity. BlackRock's IBIT faced outflows of $383 million, while FBTC saw $316 million withdrawn. Only one day of inflow was recorded throughout the week.
Ethereum Funds Experience Major Outflows
Ethereum funds have been on an outflow streak since March 5. Last week, outflows reached $189 million, with BlackRock's funds losing $63 million. Despite two days of inflows, total losses far exceeded deposits.
Overall Market Outlook
In the past five weeks, total outflows from crypto funds have exceeded $6.4 billion, putting market stability at risk as Bitcoin and Ethereum struggle to recover previous values.
The cryptocurrency market is under significant stress, particularly reflected in the activities of large funds. Uncertainty remains dominant, which should be considered by all stakeholders.
