Spot Bitcoin ETFs in the United States experienced a notable break in their positive trend, reporting a significant outflow of $18.66 million on Tuesday.

What Caused the Largest Withdrawals?

Fidelity’s FBTC experienced the most substantial outflow, losing $48.82 million. Grayscale’s GBTC was not far behind, recording an outflow of $9.41 million. Notably, Grayscale had not seen any transactions the previous day, making the sudden withdrawals especially significant. Overall trading volume for 12 spot Bitcoin ETFs rose from $1.22 billion to $1.35 billion.

Did Ethereum ETFs Also Suffer Withdrawals?

Yes, U.S. spot Ethereum ETFs faced challenges as well, reporting a net outflow of $8.19 million on Tuesday. The Bitwise ETHW fund led with an outflow of $4.54 million, followed by Fidelity’s FETH, which saw $3.65 million withdrawn. Other Ethereum ETFs remained stable, but the overall trading volume dropped from $118.43 million to $102.37 million.

Price Fluctuations in Cryptocurrencies

As trading continued through the week, Bitcoin's price dipped slightly by 0.32%, settling at $62,372. Meanwhile, Ethereum saw a modest rise of 0.52% to reach $2,445, reflecting the mixed sentiment in the cryptocurrency market.

The cryptocurrency market continues to display unpredictable behavior with significant fluctuations in ETF investment volumes and prices of major cryptocurrencies.