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Spot Bitcoin ETFs Record First Outflow in a Week, Ethereum ETFs Follow With $1.89M Exit

Published by
Zameer Attar and Anjali Belgaumkar

On September 17, spot Bitcoin ETF saw a total outflow of $51 million, marking the first net outflow after seven consecutive days of inflows. Spot Ethereum ETFs recorded a total outflow of $1.89 million, continuing the second successive day of outflow, as reported by SoSoValue

Bitcoin ETF Breakdown

After seven days of recording strong inflows, Bitcoin ETF experienced a total outflow of $51.28 million on Wednesday. Fidelity FBTC led with $116.03 million, followed by Grayscale GBTC $62.64 million. Ark & 21Shares ARKB also withdrew $32.29 million, while Bitwise BITB recorded $12.58 million outflow. 

Only two ETFs made gains (inflows): BlackRock IBIT $149.73 million and Grayscale BTC $22.54 million. Overall, the total trading volume in bitcoin ETF reached $4.24 billion, with total net assets of $152.45 billion. This marks 6.62% of the Bitcoin market cap, slightly higher than the previous day despite the outflows. 

Ethereum ETF Breakdown

Ethereum ETFs recorded a total net outflow of $1.89 million, with Fidelity’s FETH leading the withdrawals at $29.19 million. Bitwise ETHW also recorded $9.67 million of outflows. Besides this, some ETFs saw gains as well. BlackRock ETHA added $25.86 million, followed by Grayscale ETH $6.38 million. 

Invesco QETH and 21Shares also recorded smaller inflows of $2.70 million and $2.02 million, respectively. The total trading volume surged from $1.70 billion to $2.34 billion, with total net assets of $29.72 billion. This marks 5.47% of Ethereum’s market cap, showing a small rise from the previous day. 

Market Context

Bitcoin is trading at $117,326 with a market cap of $2.337 trillion, showing an impressive surge. Its daily trading volume has reached $60.878 billion, climbing more than $20 billion in a day. Ethereum trades at $4,588.55, with a market cap of $554.232 billion. Its trading volume has also jumped to $44.462 billion, reflecting renewed confidence in investors. 

While some experts feared that cryptocurrency would fail to thrive amid the Fed rate cut, it still grew. Despite the tension, Bitcoin showed an increase of 0.9% in 24 hours, and Ethereum boosted its trading volume. 

FAQs

Why did Bitcoin ETFs see outflows after days of inflows?

Bitcoin ETFs saw outflows as investors took profits after high inflows, reflecting daily market shifts rather than negative sentiment.

How did Ethereum ETFs perform compared to Bitcoin ETFs?

Ethereum ETFs also saw outflows, but the amounts were much smaller. Some funds, like BlackRock ETHA, still posted notable inflows.

What percentage of the crypto market do ETFs represent?

Bitcoin ETFs now account for 6.62% of Bitcoin’s market cap, while Ethereum ETFs represent 5.47% of Ethereum’s market cap.

How has the Fed rate cut affected crypto trading volumes?

Despite some concerns, the Fed rate cut led to increased crypto volumes and price gains for both Bitcoin and Ethereum.

Zameer Attar and Anjali Belgaumkar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.

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