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

The post Spot Bitcoin ETFs Record First Outflow in a Week, Ethereum ETFs Follow With $1.89M Exit appeared first on Coinpedia Fintech News

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.