Bitcoin and Ether ETFs see over $200 million in outflows
Cryptocurrency exchange-traded funds (ETFs) saw a notable shift as investors pulled out significant amounts.
According to Sosovalue, Bitcoin ETFs recorded a net outflow of $186.28 million, while Ether ETFs saw $22.46 million leave the market. This contrasts sharply with the previous week’s strong inflows, hinting at a change in investor sentiment or possible profit-taking.
Fidelity's FBTC ETF led the outflows, with $136.09 million withdrawn, and Grayscale's GBTC followed with $46.26 million in outflows. Other Bitcoin ETFs, including Invesco's BTCO, Franklin's EZBC, and Vaneck's HODL, also experienced outflows totaling $34.03 million, $19.75 million, and $5.51 million, respectively. On a more positive note, Blackrock (NYSE: BLK )'s IBIT ETF attracted $55.36 million in inflows.
In the Ether ETF market, Grayscale's ETHE was the only fund to report an outflow, ending the day $22.46 million in the negative. Other Ether ETFs did not record any inflows or outflows on that day.
Despite these outflows, the broader cryptocurrency market remains active. As of February 10, Bitcoin is trading at approximately $98,100, showing a slight increase from the previous day's close, while Ether is priced at around $2,701.
The outflows do not yet signify a definitive trend, but if they continue, they could indicate a shift in broader market sentiment. This comes as Bitcoin investors are withdrawing funds from exchanges at rates not seen since the FTX collapse in 2022.
On February 5, over 47,000 BTC left exchanges, which is a 3% drop in Bitcoin's supply on exchanges. Historically, such major outflows have often been a precursor to significant price increases in the Bitcoin market.
Amid these market movements, economic indicators such as inflation expectations and monetary policy statements, like those from Federal Reserve Chair Jerome Powell, are closely watched for their potential impact on Bitcoin's price direction.
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