CDS Crypto News Bitcoin ETFs Face $52.83 Million Outflows on Wednesday as Ark Invest, Grayscale See Major Withdrawals
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Bitcoin ETFs Face $52.83 Million Outflows on Wednesday as Ark Invest, Grayscale See Major Withdrawals

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Bitcoin ETFs Face $52.83 Million Outflows on Wednesday as Ark Invest, Grayscale See Major Withdrawals

After Four Days of Inflows, U.S. Bitcoin ETFs Record $52.83 Million Outflows

After Four Days of Inflows, U.S. Bitcoin ETFs Record $52.83 Million Outflows

After four days of net inflows totaling over half a billion dollars, spot Bitcoin exchange-traded funds in the United States posted net outflows of $52.83 million on Wednesday. SoSoValue data indicates that Ark Invest and 21Shares’ ARKB suffered the most outflows yesterday, at $43.41 million. Bitwise’s BITB posted withdrawals of $3.95 million on Wednesday, while Grayscale’s GBTC reported net outflows of $8.13 million. The 12 funds saw $1.63 billion daily transaction volume on Wednesday and $17.44 billion in net inflows overall.

Ether ETFs Struggle with $9.74M Outflows While Bitcoin Rises Following Fed Rate Cut

Only two of the nine funds saw net moves on Wednesday, which was the third day in a row of net outflows for the spot ether ETFs, which reported $9.74 million. BlackRock’s ETHA fund put $4.92 million into the ETF, while Grayscale’s ETHE fund saw $14.66 million leave the fund. The daily overall trade volume for the nine ether funds increased to $221.88 million from Tuesday’s $176.26 million. The ETFs have accumulated a cumulative net outflow of $615.58 million since their inception in July.

In the meantime, as markets responded to the most recent Federal Open Market Committee meeting that saw interest rates slashed by 50 basis points, Bitcoin increased 3.26% over the previous day to $62,138 at the time of writing.

Chairman Powell gave risk markets what they wanted with a 50 bp cut, but was explicit in hedging the larger cut with confident statements that an economic soft-landing is still the base case, and repeated many times that the US economy is doing ‘just fine. Markets expect about a 1/3 chance of a 50bp cut in November after the FOMC and NFP will naturally be the most important data point for investors to watch.

SOFA.org Head of Insights Augustine Fan

For more up-to-date crypto news, you can follow Crypto Data Space.

Bitcoin ETFs Face $52.83 Million Outflows on Wednesday as Ark Invest, Grayscale See Major Withdrawals
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lectertodd

Lectertodd is 27 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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