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Spot ETF data, which indicates the direction of institutional investors in the cryptocurrency market, pointed to significant outflows last week.
According to SoSoValue data, there was a net outflow of $681 million from Bitcoin spot ETFs last week. This indicates that the cautious atmosphere in the markets is also being felt through the ETF channel.
Last week, the Bitcoin spot ETF that recorded the highest net inflow was IBIT, managed by BlackRock. IBIT generated approximately $25.86 million in net inflows on a weekly basis, bringing its historical total net inflow to $62.41 billion.
However, the largest outflow was seen in Fidelity’s FBTC ETF. FBTC topped the list with a net outflow of $481 million in a single week. Its total net inflow to date stands at $11.72 billion. It was followed by Grayscale’s GBTC ETF, which experienced a weekly outflow of $172 million. GBTC’s historical total net outflow reached $25.41 billion.
At the time of writing, the total net asset value of Bitcoin spot ETFs was calculated at $116.86 billion, while the ratio of ETFs to the total Bitcoin market capitalization rose to 6.48 percent. Historically, cumulative net inflow stands at $56.40 billion.
A similar trend was observed on the Ethereum front. During the same period, Ethereum spot ETFs experienced a total net outflow of $68.57 million. The largest weekly net inflow was seen in BlackRock’s ETHA ETF with $104 million, while Bitwise’s ETHW ETF recorded an inflow of $9.9 million.
The largest outflow occurred in Grayscale’s ETHE ETF, with a weekly net outflow of $145 million. Ethereum spot ETFs have a total net asset value of $18.70 billion, while cumulative net inflows were recorded at $12.43 billion.
*This is not investment advice.