Bitcoin ETFs bleed $400 million as BTC reclaims $56K
Share link:In this post: Bitcoin rebounded to $56,000 as Ether returned to $2,500 after a major sell-off. Bitcoin ETFs saw $500M in outflows, while Ether ETFs had modest inflows. Grayscale’s GBTC saw an outflow of $69.12 million over the past day.
Bitcoin (BTC) price climbed back to $56,000, leading the crypto market recovery from the recent aggressive sell-off. Ether also made a surge to regain the $2,500 mark after dipping below $2,200. Data shows that BTC and ETH-linked exchange-traded funds (ETF) took a major hit during the downturn.
Crypto ETFs saw around $500 million in outflows during the global market downturn. Bitcoin ETFs alone reported an outflow of more than $400 million since the beginning of August. ETH ETFs saw outflows of $341.35 million and $169.35 million in the first and second weeks, respectively.
Bitcoin ETFs outflow breaches $400M
According to data reports, Bitcoin ETFs recorded a net outflow of $168.44 million on August 5. Grayscale’s GBTC saw an outflow of $69.12 million over the past day, while, it has reported a drainage of around $19.13 billion to date.
ARK 21Shares Bitcoin ETF and Fidelity’s FBTC had a negative flow of $69 million and $58 million, respectively. Grayscale Bitcoin mini trust reported an inflow of $21.8 million, moving against the general market direction.
Spot Bitcoin ETFs have seen a cumulative outflow of $423 million in the last 5 trading days. On August 2, 2024, these investment funds had a massive outflow of $237.35 million triggering a BTC price decline.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitcoin rally above short-term holder metric has traders calling for new BTC price highs
Has Altcoin Season Started With FED Heat? Legendary Analyst Answers
Cryptocurrency analyst il Capo answered the question of whether the altcoin season has started in his statement.
How Much Will Bitcoin Price Be If Trump Wins, How Much If Harris Wins? Standard Chartered Announces Big Bull Forecast
At what price level will Bitcoin, the world's largest cryptocurrency, be after the US elections? Here are analysts' opinions.
Vitalik Buterin’s Wallet is Active Again: Detected in Onchain Data
Another movement was detected in the cryptocurrency wallets of Ethereum founder Vitalik Buterin. Here are the details.