The U.S. spot Bitcoin exchange-traded fund (ETF) ended its two-day positive run on Wednesday with a daily net outflow of $43.97 million.
According to SoSoValue data, Ark Invest and 21Shares’ ARKB reported the biggest outflows among ETFs yesterday, with $54.03 million in outflows. Grayscale’s GBTC recorded a net outflow of $4.59 million, while Bitcoin Mini Trust saw an outflow of around $511,230.
Fidelity’s FBTC led the day’s inflows, with net inflows of $12.57 million, while Invesco’s BTCO saw $2.59 million in inflows. Seven other funds, including BlackRock’s IBIT, saw zero inflows for the day. IBIT has had no net inflows since August 26.
The 12 Bitcoin ETFs recorded a daily volume of $1.27 billion on Tuesday, up from $712.25 million the previous day. Since their launch in January, Bitcoin funds have amassed $17 billion in net inflows.
Ether ETFs also experienced negative flows.
US spot Ethereum ETFs saw net outflows of around $542,870, with seven of the nine funds seeing zero daily inflows. VanEck’s ETHV saw net outflows of $1.71 million, while Fidelity’s FETH saw inflows of $1.17 million.
The total daily volume of the Ether ETF was $126.22 million on Wednesday and $128.7 million on Tuesday. The cumulative net outflow was $562.06 million.
Bitcoin price is said to have risen 3.37% over the past 24 hours to $58,318, while Ether is said to have risen 1.78% to trade at $2,373. The Block’s Cryptocurrency Price Page.
“Outflows from Bitcoin and Ethereum ETFs are largely a reaction to strong U.S. economic data and should be viewed as a normal part of the evolution of ETFs,” said Rachel Lucas, crypto analyst at BTCMarkets.
Yesterday, the US Consumer Price Index was released, showing that the consumer price index rose 0.2% in August. According to CNBC, this brought the 12-month inflation rate to 2.5%, the lowest reading since February 2021.
Investors are also looking ahead to next week’s Federal Open Market Committee (FOMC) meeting, with an 85% chance that the Fed will cut rates by 25 basis points, according to CME Group’s FedWatch tool.
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