The US market has recorded unprecedented outflows from Bitcoin and Ethereum ETFs, highlighting shifts in investor strategies.
Summary of Outflows
According to SoSoValue data, there were net outflows of $523 million from Bitcoin ETFs and $422 million from Ethereum ETFs. Notably, the largest outflow occurred from Fidelity’s FBTC fund, amounting to $246.9 million.
Reasons for Outflows
BTC Markets analyst Rachael Lucas noted that the outflows could be linked to profit-taking or a cash-to-bond rotation by investors. Additionally, concerns about inflation and the strength of the dollar are influential factors.
Cryptocurrency Market and Forecasts
In the past 24 hours, Bitcoin's price fell 1.57% to $112,500, while Ethereum declined 1.54% to $4,060. Lucas emphasized that ETF outflows create selling pressure in spot markets, but carry structural significance for cryptocurrency pricing in the long term.
The cryptocurrency market continues to face pressures, but upcoming events, such as the Fed minutes and Powell's Jackson Hole speech, may significantly influence market trends.
