US spot Bitcoin exchange-traded funds (ETFs) saw a reversal on Tuesday, ending an impressive eight-day streak of green indexes. BTC ETFs reported $127 million in net flows after pulling in a hefty $756 million over the past 8 days. Bitcoin’s price has dropped by over 5% in the last 24 hours.
On the other hand, Ether ETFs continued their streak of net outflows that marked their ninth consecutive day with $3.45 million in negative flow rate. ETH has endured a decline of more than 23% in the past 30 days.
Bitcoin ETFs bleed $127 million
As per the data shared by Sosovalue, Bitcoin ETFs saw $127.05 million in outflow on August 27 after 8 days of successive rallies. Ark & 21Shares’ ARKB led the charge with $101.97 million in negative flows. Grayscale’s GTBC and Bitwise’s BITB followed ARKB with $18.31 million and $6.76 million in outflows, respectively. Eight other funds, including BlackRock’s IBIT and Fidelity’s FBTC, saw no flows at all on Tuesday.
Bitcoin ETFs had posted massive inflows in the last two trading days. Data shows that they registered $202.51 million and $252 million of inflows on August 26 and August 23, respectively. However, the week that ended on August 23 recorded an inflow of more than $506 million.
Despite the recent dip, these Bitcoin funds (excluding Valkyrie’s BRRR) accumulated a total trade volume of $1.2 billion on Tuesday. Since January, they have seen $17.95 billion in net inflows.
Bitcoin price dropped by 5% over the last 24 hours in a similar movement with ETFs after days of posting significant rallies. BTC saw a dip to the $58,000 straight from the $62,000 price zone. The largest crypto by market cap is trading at an average price of $59,491 as of press time.
Ether ETFs having a tough time
Spot Ether ETFs continued their streak of net outflows with $3.45 million in negative flows. This marked their ninth consecutive day of hemorrhaging value from funds. ETH ETFs have now seen a cumulative net flow of negative $481 million. Fidelity’s FETH recorded an inflow of $3.87 million while Bitwise’s ETHW had an inflow of $1.85 million.
Grayscale’s ETHE had a net outflow of $9.1798 million in a single day while it holds a cumulative flow of negative $2.55 billion. It still holds $4.68 billion of ETH.
Ether price is on a continuous decline posting red indexes on longer time frames. ETH price has dropped by 32% in the last 90 days, while it is down by 22% over the past 30 days. The second biggest crypto declined by over 5% in the last 24 hours. As of press time, it is trading at an average price of $2,520.
