U.S. spot bitcoin exchange-traded funds (ETFs) recorded a net outflow of $52.83 million on Wednesday, ending a four-day streak of net inflows of more than $500 million.
Yesterday’s outflows were led by Ark Invest and 21Shares’ ARKB, which brought in $43.41 million. data On Wednesday, Grayscale’s GBTC reported a net outflow of $8.13 million, while Bitwise’s BITB recorded an outflow of $3.95 million.
Only one spot Bitcoin fund reported net inflows yesterday: Grayscale’s Bitcoin Mini Trust, which recorded net inflows of $2.66 million. The other eight funds, including BlackRock’s IBIT, saw no inflows at all for the day.
On Wednesday, the total daily trading volume of the 12 funds was $1.63 billion and the total net inflow was $17.44 billion.
Spot Ethereum ETF Fund Outflow Continues
Spot ether ETFs recorded their third straight day of net outflows, reporting $9.74 million, while only two of the nine funds saw net movement on Wednesday.
Grayscale’s ETHE fund saw $14.66 million in outflows, while BlackRock’s ETHA added $4.92 million to the ETF.
The nine Ether funds recorded a total daily volume of $221.88 million, up from $176.26 million on Tuesday. Since its launch in July, the ETFs have seen net outflows of $615.58 million.
Bitcoin over $62,000
Meanwhile, Bitcoin is up 3.03% over the past 24 hours, reaching $62,138 at the time of writing. Bitcoin price page on the blockAs the market reacted to the Federal Open Market Committee’s recent meeting that cut interest rates by 50 basis points,
“While Powell gave the risk markets what they wanted with a 50bp cut, he also clearly went out of his way to hedge against a larger cut with confident comments that an economic soft landing is still the base case, and repeated multiple times that the U.S. economy is ‘fine,’” said Augustine Fan, director of insights at SOFA.org. “The market sees about a 1/3 chance of a 50bp cut in November, when the FOMC and NFP will naturally be the most important data points for investors to watch.”
Fan added that Bitcoin recovered on the back of strong stock moves, while altcoins performed strongly on signs of growing overall risk sentiment. Ether rose 4.14% to $2,414.60, while Solana rose 6.21% to $138.96 over the past day.
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