Crypto ETFs Remain Under Pressure
by Emmanuel Musa
On Tuesday, March 11, bitcoin ETFs experienced net outflows of $371 million, marking a full week of consecutive withdrawals. Ether ETFs also faced challenges, with $22 million in net outflows, extending their streak to five days.
Crypto ETFs Remain Under Pressure With $371 Million in Outflows for Bitcoin and $22 Million for Ether
Market Caution Prevails With Bitcoin and Ether ETFs Seeing Continued Withdrawals
Investors continued to reassess their positions in bitcoin and ether funds with data from Sosovalue revealing that bitcoin exchange-traded funds (ETFs) endured net outflows totaling $371 million on Tuesday, Mar. 11, marking the 7th consecutive day of withdrawals. Ether ETFs weren’t spared either, recording net outflows of $21.57 million, extending their streak to five successive days.
A significant portion of the bitcoin ETF outflows was attributed to Blackrock’s IBIT, which saw $151.26 million exit the fund. Fidelity’s FBTC wasn’t far behind, with outflows amounting to $107.10 million.
Crypto ETFs Remain Under Pressure With $371 Million Outflow for Bitcoin ETFs and $22 Million for Ether ETFs
Grayscale’s GBTC also faced substantial redemptions, losing $35.49 million. Other notable outflows included Franklin’s EZBC ($33.73 million), Wisdomtree’s BTCW ($15.43 million), Invesco’s BTCO ($14.93 million), Bitwise’s BITB ($9.05 million), Valkyrie’s BRRR ($3.41 million), and Vaneck’s HODL ($588,030).
In the ether ETF space, Blackrock’s ETHA bore the brunt of the outflows, with investors pulling $11.82 million from the fund. Fidelity’s FETH wasn’t immune either, experiencing outflows of $9.75 million.
Consecutive days of net outflows could indicate a reevaluation of risk or profit-taking strategies. With 7 days of successive outflows for bitcoin ETFs, the last 3 days have seen outflows of over $300 million while ether ETFs have seen 5 days of successive outflows with all outflows over $20 million.
Tags in this story
Bitcoin (BTC), Ethereum (ETH)
Image Credits: Shutterstock, Pixabay, Wiki Commons
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