Ether ETFs Face Withdrawals While Bitcoin Funds Break Negative Streak
Spot Bitcoin exchange-traded funds in the United States saw $32.1 million in net inflows on Wednesday, breaking a four-day streak of outflows even as Bitcoin's price dropped under the $64,000 mark.
Exchange-traded funds tracking spot Bitcoin in the United States broke their four-day outflow pattern on Wednesday, attracting $32.1 million in net inflows to the investment vehicles.
Following more than $500 million in aggregate outflows spanning four consecutive trading days, the spot Bitcoin ETFs reversed course and moved back into positive flow territory. This reversal occurred even as Bitcoin's price temporarily declined to approximately $63,300 during the US market session, based on information from SoSoValue and CoinGecko data sources.
For the current week, spot Bitcoin ETFs in the US have experienced net outflows totaling $29.29 million, whereas the monthly figure shows net inflows have climbed to $204.7 million. The aggregate cumulative net inflows for all the funds combined now total $51.36 billion.
In contrast to the recovery witnessed in Bitcoin ETFs, spot Ether ETFs listed in the United States registered net outflows amounting to $18.65 million on Wednesday. Notwithstanding this single-day withdrawal, spot Ether ETFs have managed to secure $342.9 million in net inflows throughout the current month, significantly surpassing the $204.7 million figure posted by their spot Bitcoin ETF counterparts.
As of publication time, Bitcoin was changing hands at $63,990, representing a 0.2% decrease over the preceding 24-hour period and a 2.5% decline across the last seven days. Ether was trading at $1,902, reflecting a 1.1% drop over the past week.
The Crypto Fear & Greed Index continued to register a "fear" signal on Thursday, recording a score of 28, which marked a decline of one point compared to Wednesday's reading, though market sentiment has shown improvement from the "extreme fear" level observed one month earlier.