Spot Bitcoin and Ethereum ETFs traded in the US experienced a sharp reversal after a strong inflow streak in recent days. According to data released on Wednesday, a total net outflow of $219.2 million occurred from funds covering both asset classes. This marks the first time both Bitcoin and Ethereum ETFs have recorded simultaneous negative outflows after consecutive days of inflows.
The inflow streak in Bitcoin and Ethereum funds has ended
Looking at the data, it is seen that the majority of outflows came from Bitcoin ETFs. A total net outflow of $163.5 million was recorded in spot Bitcoin funds, while this figure was $55.7 million for Ethereum. This pullback, particularly in Bitcoin ETFs, signals the end of the strong inflow trend that lasted for seven trading days. For Ethereum funds, this is the first net outflow seen since March 9th.
Looking at the funds individually, the largest outflow occurred in Fidelity's FBTC product. A single day saw outflows of $103.8 million from the fund in question, marking the second-largest daily outflow in March. Grayscale's GBTC fund experienced outflows of $18.8 million, while Bitwise's BITB product recorded a net outflow of $7 million. Other Bitcoin ETFs showed no significant inflows or outflows throughout the day. A notable development also occurred with BlackRock IBIT, the largest spot Bitcoin ETF. After eight days of uninterrupted inflows, the fund recorded its first negative outflow, with a net outflow of $33.9 million. In contrast, IBIT had attracted over $900 million in inflows over the previous seven trading days, recording a net inflow of $169.3 million on March 17th alone. Therefore, this latest outflow is interpreted as a signal of a shift in short-term investor behavior. A similar picture emerged in Ethereum ETFs. The majority of the total outflow of $55.7 million came from Fidelity's FETH fund. FETH alone saw a net outflow of $37.1 million. Grayscale's ETHE product experienced a loss of $8.9 million, while Bitwise's ETHW fund saw outflows of $4.7 million and VanEck's ETHV fund saw outflows of $4.8 million. BlackRock's ETHA fund recorded a limited outflow of $1.3 million, while the company's new staking-focused product, ETHB, achieved a small positive inflow. This weakness in the ETF market coincided with a pullback in the overall crypto market. The Bitcoin price fell below the $70,000 level, trading around $69,700. According to data from the last 24 hours, Bitcoin's value has decreased by more than 4%. This decline is considered to be influenced by a decrease in risk appetite among ETF investors, as well as short-term profit-taking.
