What Is Going On With Bitcoin, Ethereum ETFs Ahead Of The FOMC Meeting?
By Benzinga
Bitcoin (CRYPTO: BTC) spot ETFs experienced their first net outflow in four days on July 30, totaling $18.3 million.
What Happened: This development comes as the world’s leading cryptocurrency faces price volatility, trading around $66,050, down 0.6% in European hours.
The outflow was primarily driven by Grayscale‘s (OTC:GBTC), which saw $73.6 million exit the fund.
However, BlackRock‘s (NASDAQ:IBIT) continued to attract investors, with a substantial inflow of $74.8 million.
Despite this mixed performance, the total net asset value of Bitcoin spot ETFs remains robust at $58.5 billion, according to data from SoSo Value.
Ethereum (CRYPTO: ETH) based ETFs, on the other hand, reversed their recent trend, recording a net inflow of $33.6 million after four consecutive days of outflows.
Also Read: Russia Greenlights Crypto For Cross-Border Payments, Tightens Mining Rules
While Grayscale‘s (NYSE:ETHE) continued to bleed funds with a $120 million outflow, bringing its historical net outflow to $1.84 billion, BlackRock‘s (NASDAQ:ETHA) emerged as a bright spot with a significant $118 million inflow, data shows.
These fund flows come against a backdrop of market turbulence.
Bitcoin recently touched the $70,000 mark following former President Donald Trump‘s announcement of plans to create a strategic Bitcoin reserve if re-elected.
However, the cryptocurrency subsequently experienced a sharp 8% sell-off, triggered by the U.S. Marshals Service moving $2 billion worth of Bitcoin to new wallets, sparking liquidation fears.
Adding to the market narrative, CryptoQuant reported an increase in Bitcoin withdrawals from exchanges, suggesting a potential bullish sentiment.
“The increase in Bitcoin outflow can be a positive sign regarding the possibility of price increase and break-up of the fluctuation area in the future,” the analytics firm stated.
What’s Next: As the crypto market navigates these complex dynamics, industry participants are looking ahead to Benzinga’s Future of Digital Assets event on Nov. 19.
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Image: Shutterstock
