Bitcoin spot exchange-traded funds (ETFs) recently faced significant net outflows totaling $210 million, highlighting ongoing turbulence in the cryptocurrency market.
Major Bitcoin ETFs, including GBTC, FBTC, and ARKB, were hit hardest, with withdrawals of $89.01 million, $113.6 million, and $92.36 million, respectively.
These movements have pushed the total net asset value (NAV) of Bitcoin spot ETFs to $108.981 billion.
In contrast, Ethereum spot ETFs demonstrated more stability, recording a modest net inflow of $1.15 million. The total NAV for Ethereum ETFs now stands at $11.398 billion, with cumulative historical inflows reaching $2.414 billion.
These diverging trends underscore shifting investor sentiment between Bitcoin and Ethereum as both navigate an uncertain regulatory and economic landscape.
While Bitcoin faces larger withdrawals, Ethereum’s steady inflows suggest a more stable outlook for funds tied to the second-largest cryptocurrency.
Arthur Hayes anticipates Bitcoin reaching an eye-catching price point before the market cycle peaks, suggesting a significant rally fueled by monetary expansion.
Ethereum’s blockchain underwent a significant shift on September 15, 2022, moving from a proof-of-work (PoW) security model to proof-of-stake (PoS).
Changpeng Zhao, the founder of Binance, recently sparked a wave of speculation in the crypto community after hinting at the possibility of burning all the altcoins in his public wallet.
Bitcoin’s dominance in the cryptocurrency market has been steadily climbing, now reaching 58.8%, up significantly from 51% in December.