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.
Bitcoin price is down by over 17% in the last 7 days. The largest crypto by market cap endured a dump from the $66,000 to $50,000 zone. BTC has recovered more than 6% in the last 24 hours. It is trading at an average price of $55,205 with a market cap of $1.08 trillion, at press time.
Ether ETFs enjoy positive flows this week
The newly launched Ether-linked ETFs posted major weekly losses affecting the market movement of the largest altcoin by market cap. ETH ETFs saw outflows of $341.35 million and $169.35 million in the first and second weeks, respectively. A positive flow is expected in the 3rd week.
Although Ether ETFs had very rough starts, they managed to maintain positive flow rates amid the recent fluctuations in investor sentiments. On August 5, the total net inflow of ETH ETFs stood at $48.73 million. Only Grayscale’s ETHE reported a negative outflow of $46.84 million over the last day.
BlackRock’s ETHA saw an inflow of $47.09 million. Fidelity’s FETH and VanEck’s ETHV both had inflows of over $16 million each. Grayscale ETF ETHE had an outflow of $46.8384 million, BlackRock ETF ETHA had an inflow of $47.0857 million, and VanEck ETF ETHV had an inflow of $16.6247 million.
ETH price is down by 26% in the last 7 days, dealing with some bearish sentiments. However, it posted a recovery rally of 8% in the last 24 hours. ETH currently trades at an average price of $2,460, at the press time.
