The 12-spot Bitcoin Exchange Traded Funds ended their two-day positive inflows yesterday with $81 million exiting the funds at the end of the trading hours.
The case was not the same for Ethereum ETFs which recorded an inflow of $10.8 million into its nine ETF products.
Spot Bitcoin ETFs which pulled in $39 million and $27.8 million on Tuesday and Monday witnessed their inflow streak cut short on Wednesday and a whopping $81 million leaving the funds.
According to data from Farside Investors UK, Franklin Templeton’s EZBC led the daily inflows recording an inflow of $3.4 million while Blackrock’s IBIT, the biggest ETF product by net assets pulled in only $2.7 million.
The little inflow into the funds was offset by Outflows from other ETF products. Grayscale’s GBTC led the outflow for the day with a whopping $56.9 million leaving the funds. This was followed by Fidelity’s FBTC which recorded an outflow of $18.0 million
Ark and 21Shares’ ARKB recorded $6.77 million in outflows, while Bitwise’s BITB recorded $5.78 million in net outflows.
According to data from Soso Value, the total daily trading volume of all the spot bitcoin funds reached $1.3 billion on Wednesday, compared to $1.18 billion on Tuesday.
Bitcoin Price Analysis
The outflow from the ETF funds slightly affected Bitcoin price. At the time of the report, Bitcoin is exchanging hands for $58,429 dropping by 4% in the last 24 hours with a maximum price of $61,537 and a minimum price of $57,812.
The crypto asset is down 20.7% from its all-time high.
Ethereum ETF records an inflow of $10.8 million
The nine Ethereum ETFs recorded their third consecutive day of inflow with $10.8 million flowing into the funds.
According to Data from Farside Investors UK, Blackrock’s ETHA led the inflows for the day recording a $16.1 million inflow followed by Fidelity’s FETH which pulled in $6.6 million in inflow.
Bitwise ETHW recorded an inflow of $2.7 million while Grayscale’s newly converted ETH pulled in $2.3 million.
Grayscales ETHE continued its bleeding streak after a one-day pause with $16.9 million leaving the funds.
On Wednesday, the total trading volume of the nine ETFs amounted to $155.91 million, much lower than $190.76 million on Tuesday and $285.96 million on Monday.
Ethereum price analysis
At the time of the report, Ethereum is exchanging hands for $2,624 dropping by 3.7% in the last 24 hours with a maximum price of $2,760 and a minimum price of $2,603.
The asset is down $46.2% from its all-time high.
What to Know
- Bitcoin and Ethereum recovered faster than other assets from last week’s Monday market crash due to the structure provided by their respective ETF products.
- Bitcoin and Ethereum are the only two crypto assets with an ETF at the moment. There have been talks about a possible Solana ETF in the workings.