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The crypto ETF market has seen a noteworthy shift in the overall investor sentiment in the United States. Spot on Chain, a famous on-chain analytics provider, disclosed that the $ETH ETFs recorded zero flows while $BTC ETFs witnessed substantial outflows on August 30. The analytics firm took to its official social media account to offer insights into the present situation of these ETFs.
🚨 US #ETF 30 AUG: 🔴$176M to $BTC and ⚪$0M to $ETH
— Spot On Chain (@spotonchain) August 31, 2024
🌟 BTC ETF UPDATE (final): -$176M
• No US Bitcoin ETFs saw an inflow yesterday.
• The total flow for the week is -$227M with outflows on the past 4 days!
🌟 ETH ETF UPDATE (final): $0M
• All US Ethereum ETFs had $0 net… pic.twitter.com/g2ek81iNSZ
$ETH ETFs Record Zero Inflows or Outflows, Denoting the First Instance Since Inception
The Ethereum ETFs have seen a complete stagnation in terms of inflows. None of the $ETH ETFs recorded any flows on August 30. This marks the initial instance of completely zero flows since the inception of the $ETH ETFs in the United States. Throughout the week, the $ETH exchange-traded funds beheld $12.4M in cumulative outflows.
$BTC ETFs See Enormous $175.6M in Outflows on August 30
According to Spot On chain, Bitcoin ETFs saw $176M in net outflows on the 30th of August. Throughout the past week, the $BTC ETFs experienced consistent outflows. In this respect, more than $227M left the Bitcoin exchange-traded funds in 4 consecutive days. However, a massive outflow of $176M seen on August 30 has surprised the market, underscoring a bearish sentiment.
Individually, Invesco (BTCO) and Fidelity (FBTC) recorded $11.1M and $12.9M in outflows. Additionally, Bitwise (BITB) and ARK 21Shares (ARKB) witnessed $16.4M and $65M respectively. As usual, Grayscale (GBTC) went through the highest outflows among the $BTC ETFs on August 30. It experienced enormous outflows of approximately $70.2M.
A prominent factor behind the respective development takes into account the short-term volatility in the crypto market. This trend signifies a pullback of investors from $BTC ETFs, likely reallocating their money to the rest of the assets. Additionally, several are reportedly refraining from investing in Bitcoin ETFs to avoid potentially upcoming market corrections.
As Spot On Chain implies, a notable shift is occurring in investor confidence concerning the ETFs amid the fluctuations. The other noteworthy factors include price volatility, macroeconomic conditions, and regulatory uncertainty. The stagnation of the $ETH ETFs could suggest a provisional retreat from such assets while investors reevaluate the positions thereof, responding to the wider market dynamics.