Bitcoin, Ethereum ETFs Saw $528M Net Outflows Last Week As BTC Plunges To $51,000
Portfolio Pulse from Murtuza Merchant
The cryptocurrency ETF market saw significant net outflows of $528 million last week, driven by concerns over a potential U.S. recession, geopolitical tensions, and widespread liquidations. Bitcoin and Ethereum ETFs were particularly affected, with Grayscale's Bitcoin Trust and Ethereum Trust experiencing substantial outflows, while BlackRock's iShares Bitcoin and Ethereum Trusts saw inflows.
August 05, 2024 | 11:18 am
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Grayscale's Ethereum Trust saw significant outflows of $603 million last week, bringing its historical net outflow to $2.12 billion.
The significant outflows from Grayscale's Ethereum Trust indicate a bearish sentiment among investors, likely leading to short-term downward pressure on ETHE's price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Grayscale's Bitcoin Trust experienced significant outflows of $245 million last week, continuing its streak of outflows and bringing its historical net outflow to $19.06 billion.
The significant outflows from Grayscale's Bitcoin Trust indicate a bearish sentiment among investors, likely leading to short-term downward pressure on GBTC's price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
BlackRock's iShares Ethereum Trust saw a net inflow of $271 million last week, raising its total net inflow to $713 million.
The inflows into BlackRock's iShares Ethereum Trust suggest a bullish sentiment among investors, likely leading to short-term upward pressure on ETHA's price.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100
POSITIVE IMPACT
BlackRock's iShares Bitcoin Trust saw a net inflow of $370 million last week, pushing its total historical net inflow to $20.1 billion.
The inflows into BlackRock's iShares Bitcoin Trust suggest a bullish sentiment among investors, likely leading to short-term upward pressure on IBIT's price.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100