US Bitcoin and Ethereum ETFs face $1 billion outflow amid market dip

Spot Bitcoin and Ethereum exchange-traded funds (ETFs) in the United States recorded nearly $1 billion in combined outflows on Aug. 19, extending a current streak of investor withdrawals.

These heavy outflows can be linked to the recent price corrections in the crypto market.

According to CryptoSlate’s data, Bitcoin price retraced from recent highs to as low as $112,000 during the last 24 hours, which is its lowest level since early August.

Notably, Ethereum followed a similar path, dropping over 8% in the past week to trade at roughly $4,200 at the time of reporting.

Bitcoin and Ethereum ETF outflows

According to SoSoValue data, Bitcoin ETFs bore the brunt of the redemptions, losing $523 million in a single day.

Fidelity’s FBTC led the retreat with $246.9 million in outflows, while Grayscale’s GBTC shed $115.53 million.

Additional outflows came from Bitwise’s BITB, which saw a $87 million outflow, while Ark 21Shares’s ARKB fund recorded a $64 billion capital exit. Franklin Templeton’s EZET saw the least outflow on the day, with around $3 million leaving the fund.

Meanwhile, other Bitcoin ETF products like BlackRock’s IBIT and VanEck’s HODL held steady without registering inflows or outflows.

On the other hand, Ethereum ETFs saw similar pressure on the day, recording $422.3 million in redemptions. This marked the second-largest single-day withdrawal since spot Ether funds debuted earlier this year.

Fidelity’s FETH lost $156.32 million, followed by Grayscale’s two Ethereum products shedding more than $200 million. Bitwise’s ETHW also recorded significant outflows of over $39 million.

Other ETH financial instruments like BlackRock’s ETHA, VanEck’s ETHV, and 21Shares CETH funds lost $15 million.

Despite these significant reductions in their assets, the US-based crypto ETFs’ assets under management remain at record levels.

According to SoSo Value data, Bitcoin ETFs collectively manage $14.6 billion, while Ethereum ETFs maintain approximately $2.6 billion.

Crypto ETFs’ enthusiasm persists

Despite the significant redemptions in the BTC and ETH funds, attention is shifting toward the next wave of spot crypto ETFs.

Nate Geraci, president of NovaDius Wealth, argued that approvals for additional products are close, saying the “floodgates” could open within two months as a clearer regulatory framework takes shape.

He also pointed to possible authorization for staking within spot Ethereum ETFs, calling the remainder of the year “potentially wild” for the sector.

Notably, the SEC is currently reviewing applications for ETFs tied to XRP, Solana, Litecoin, and other prominent tokens.

Bloomberg ETF Analysts James Seyffart and Eric Balchunas have projected a high likelihood of over 90% of these products being approved, citing the agency’s current pro-crypto leadership.

The post US Bitcoin and Ethereum ETFs face $1 billion outflow amid market dip appeared first on CryptoSlate.

Innehållet på den här sidan tillhandahålls av tredje part. Om inte annat anges är OKX inte författare till den eller de artiklar som citeras och hämtar inte någon upphovsrätt till materialet. Innehållet tillhandahålls endast i informationssyfte och representerar inte OKX:s åsikter. Det är inte avsett att vara ett godkännande av något slag och bör inte betraktas som investeringsrådgivning eller en uppmaning att köpa eller sälja digitala tillgångar. I den mån generativ AI används för att tillhandahålla sammanfattningar eller annan information kan sådant AI-genererat innehåll vara felaktigt eller inkonsekvent. Läs den länkade artikeln för mer detaljer och information. OKX ansvarar inte för innehåll som finns på tredje parts webbplatser. Innehav av digitala tillgångar, inklusive stabila kryptovalutor och NFT:er, innebär en hög grad av risk och kan fluktuera kraftigt. Du bör noga överväga om handel med eller innehav av digitala tillgångar är lämpligt för dig mot bakgrund av din ekonomiska situation.