Investors are reshuffling their portfolios amidst high market volatility and macroeconomic instability, withdrawing investments from Bitcoin and Ethereum ETFs.
Bitcoin and Ethereum ETF Sell-Offs
According to Wu Blockchain, Bitcoin spot ETFs experienced a net outflow of $158 million on April 1, while Ethereum spot ETFs saw an outflow of $3.58 million. Analysts suggest these sell-offs stem from economic concerns and anticipated changes in the global economy.
Grayscale's Multi-Asset ETF Plans
Leading digital asset manager Grayscale has begun the process of creating a multi-asset crypto ETF, which may increase crypto accessibility to a wider range of investors. The company has submitted an S-3 form to the U.S. Securities and Exchange Commission to transition its Digital Large Cap Fund into a publicly traded investment fund.
VanEck's Pursuit of a Binance Coin ETF
VanEck is also planning to introduce a new ETF focused on Binance Coin (BNB). The firm has filed a preliminary application to establish a trust for the BNB ETF in Delaware which could become the first U.S.-based ETF for Binance Coin. This move is aimed at meeting the growing interest from institutional investors in BNB.
These developments illustrate how macroeconomic factors are influencing investors' market decisions, prompting them to adjust portfolios and explore new diversification opportunities.
