On the 6th of September, the US market of exchange-traded funds saw another day with huge outflows. Spot On Chain, a famous on-chain analytics provider, revealed that the Bitcoin ETFs witnessed a massive $170M in outflows while Ethereum ETFs recorded $6M in withdrawals. The analytics platform took to its official X account to offer insights into the present outlook of the ETF market.
Bitcoin ETFs See 0M in Outflows as the Market Downturn Continues
Spot On Chain mentioned that the enormous outflows of $170M from Bitcoin ETFs denote a continuous downward trend. Particularly, Fidelity ($FBTC) dominated the Bitcoin ETFs in terms of outflows. The ETF recorded a net outflow of nearly $85M. Following that, Grayscale ($GBTC) saw the withdrawals of almost $52.9M. Subsequently, Bitwise ($BITB) recorded $14.3M in outflows. ARK 21Shares ($ARKB) and Grayscale Mini ($BTC) recorded $7.2M and $5.5M in outflows. Valkyrie ($BRRR) beheld the least outflows of $4.6M.
These outflows mark the 2nd consecutive day when no inflows have taken place at all in the case of $BTC ETFs. The cumulative outflow for $BTC ETFs during the entire week has now reached a large $706M spot. This continuous trend of withdrawals has led to several apprehensions regarding the short-term sentiment. Hence, the investments in US Bitcoin ETFs are declining to a great extent.
Ethereum ETFs Witness Another M Leaving the Market Amid a Shift in Market Sentiment
Ethereum ETFs additionally experienced notable withdrawals of $6M, although smaller in comparison with Bitcoin ETFs. The only $ETH ETF going through an outflow on September 6 was Grayscale (ETHE). The exchange-traded fund recorded a loss of 10.7M in total. This outflow overwhelmed the inflows seen by BlackRock (ETHA). The only $ETH ETFs witnessing an inflow added $4.7M. Additionally, the weekly outflows of $ETH ETFs have reached $91.1M.
The continuous ETF outflows of Ethereum and Bitcoin during this week signify a wider market retreat, especially in the case of the US ETF industry. Nonetheless, the market onlookers have high hopes for future developments. According to analysts, this downturn could also denote a consolidation period while investors are reevaluating the portfolios thereof. Irrespective of the provisional ETF downturn, both $ETH and $BTC have an optimistic long-term outlook.
