Markets
Crypto Markets Fall Amid Strong Bitcoin ETF Outflows
Investors withdrew $226 million from Bitcoin ETFs in cash on Thursday.
Crypto markets continued to fall on Friday, extending the downward trend that began on Thursday, as investors withdrew more than $200 million from Bitcoin exchange-traded funds (ETFs) in cash.
Both Bitcoin It is Ethereum fell more than 1%, while Solana fell 4%, according to CoinGecko data.
Far-Side Data show that Bitcoin spot ETFs saw more than $226 million in net outflows on Thursday. Fidelity’s FBTC was hit hardest, with outflows of $106 million, while Grayscale’s GBTC saw outflows of $61 million, Ark Invest’s ARKB saw outflows of $52.7 million, and VanEck’s ETF saw outflows of US$ 11 million.
The withdrawals come after Bitcoin ETFs saw inflows of $100 million on June 12.
ETH ETF Optimism
Meanwhile, in testimony to a Senate Appropriations Committee subcommittee, Securities and Exchange Commission (SEC) Chairman Gary Gensler said that Ethereum ETFs will likely be approved until the end of summer.
Michaël van de Poppe, founder and CEO of MN Trading, remains optimistic.
“Ethereum has corrected over the last three weeks, but slowly but surely, the momentum to list the Ethereum ETF will begin to emerge,” he he said. “The expectation is that the ETF will go into operation in July.”
According to Julio Moreno, head of research at CryptoQuant, Ethereum on Friday with experience one of its most significant days in terms of accumulation by long-term holders.
CryptoQuant data revealed that on June 12, accumulation addresses purchased 298,000 Ether tokens, worth $1.03 billion. The record for daily purchases occurred on September 11th, when 317 thousand ETH were purchased.
“Demand for Ethereum has increased,” he said. “Buying by permanent holders was the second largest on record yesterday.”
CoinGlass Data show that 52,082 traders were liquidated in the last 24 hours, totaling liquidations of US$112.76 million. ETH and BTC longs faced the largest sell-off, totaling $18 million. Longs are trading positions where investors buy assets expecting their price to rise.
In broader financial markets, U.S. stocks traded lower on Friday. The Dow Jones Industrial Average fell 0.5%, while the S&P 500 fell 0.4% and the Nasdaq Composite fell 0.3%.