Ethereum

Bitcoin ETF

Bitcoin

Bitcoin (BTC) and Ethereum (ETH) linked exchange-traded funds (ETF) outflows are hitting the roof posing a direct impact on the digital assets market. 
BTC ETFs saw a massive $170 million withdrawal on September 6, dragging the cumulative weekly outflow toll to $706 million. Ether ETFs are not safe either, as they saw outflows of more than $91 million in the same period. 
Rising market volatility and global <a href="https://www.cryptopolitan.com/janet-yellen-us-economy-deep-into-recovery/">economic</a> uncertainty, like higher interest rate expectations, have pushed even seasoned investors to rethink their positions. Bitcoin price has dropped by over 5% in the last 7 days to hover around the $55,000 mark. 
<h3 id="span-style-font-weight-400-bitcoin-etfs-sheds-706-million-span">Bitcoin ETFs sheds $706 million</h3> 
As per the <a href="https://sosovalue.com/assets/etf/us-btc-spot" rel="nofollow noopener" target="_blank">data</a> shared by Sosovalue, Bitcoin ETFs have posted red indexes for 8 consecutive days, with none of the 12 BTC ETFs having a net inflow last week. The investment funds had a net outflow of $706 million in the last 7 trading days. 
<a href="https://www.cryptopolitan.com/fidelity-moves-btc-etf-outflows/">Fidelity</a> ETF FBTC reported a massive outflow of $85.52 million on September 6 which forced it to post a weekly outflow of $404 million. It still holds a positive number of cumulative inflows with $9.42 billion. Grayscale ETF GBTC saw a withdrawal of $52.87 million on September 6 leading it to post a weekly outflow of $160 million. It has recorded a negative flow of $20 billion since its launch. 
<figure id="attachment_585168" aria-describedby="caption-attachment-585168" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-585168 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/09/btc-etf.jpg" alt="ETF bloodbath! Bitcoin lost $706M in a week, Ether drained by $91M" width="596" height="269" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/09/btc-etf.jpg 596w, https://www.cryptopolitan.com/wp-content/uploads/2024/09/btc-etf-300x135.jpg 300w" sizes="(max-width: 596px) 100vw, 596px">
 <figcaption id="caption-attachment-585168" class="wp-caption-text">
 Source: Sosovalue
 </figcaption>
</figure> 
High Bitcoin ETF withdrawal has intensified the selling pressure in the crypto market. BTC price saw a decline of 5% in the last 7 days which forced it to revisit the $53K levels. The biggest crypto is still up by 29% on the year to date basis and trading at an average price of $54,830 at press time. Its 24-hour trading volume is up 16% to stand at $21.5 billion. 
<h3 id="span-style-font-weight-400-eth-etfs-face-91m-outflow-span">ETH ETFs face $91M outflow</h3> 
<a href="https://www.cryptopolitan.com/ether-liquidity-drops-on-exchanges-post-etf/">Ether ETFs</a> are not doing pretty well either. Data shows that these investment funds had a net outflow of $91.04 million last week. This has been the 4th consecutive week for ETH ETFs posting red indexes. 
Grayscale’s ETHE reported a huge outflow of $10.70 million on September 6, adding to the cumulative negative flow of $2.67 billion. BlackRock’s ETHA was the only ETH ETF that posted an inflow of $4.72 million on the last trading day. 
<figure id="attachment_585169" aria-describedby="caption-attachment-585169" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-585169 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/09/eth-etf.jpg" alt="" width="598" height="301" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/09/eth-etf.jpg 598w, https://www.cryptopolitan.com/wp-content/uploads/2024/09/eth-etf-300x151.jpg 300w" sizes="(max-width: 598px) 100vw, 598px">
 <figcaption id="caption-attachment-585169" class="wp-caption-text">
 Source: Sosovalue
 </figcaption>
</figure> 
Ether is dealing with increasing fear in the market. ETH price has dropped by over 12% in the last 30 days. The second biggest crypto is trading at an average price of $2,288 at press time. The Dencun upgrade (March 2023) hasn’t helped either. Its fee burn rate and transaction volume have dropped, adding to inflationary supply concerns.

ETF bloodbath! Bitcoin lost $706M in a week, Ether drained by $91M

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