news 
Bitcoin ETFs Shed $1.2 Billion in 3 Trading Days as Crypto Correction Deepens
In a stark reversal of the recent trend, spot bitcoin ETFs in the United States have been witnessing significant outflows over the past three trading days, with assets under management plummeting by a staggering $1.2 billion.
According to preliminary data from Farside Investors, institutional investors are apparently losing confidence in the asset class as the crypto market correction continues to deepen. This sudden shift marks a stark contrast to the 15-day trend of inflows that had been observed prior to this recent downturn.
The data highlights that over $1.17 billion has left spot bitcoin ETFs since Friday, with Fidelity leading the charge by posting an outflow of $146 million on Monday alone. Other notable laggards included Bitwise, Ark 21Shares, Invesco, VanEck, and Grayscale funds.
In a surprise move, BlackRock bucked this trend, however, with an inflow of $31.7 million. Nevertheless, the overall decline in assets under management has left investors reeling as they grapple with the unfolding market dynamics.
Meanwhile, spot Ethereum ETFs managed to defy the overall bearish sentiment by posting an aggregate inflow of a relatively modest $130.8 million on Monday. This slight upswing came on the heels of two consecutive days of outflows in the preceding week, according to Farside Investors’ preliminary data.
BlackRock once again emerged as the leader among Ethereum ETFs with a substantial inflow of $89.5 million, followed closely by Fidelity’s relatively more modest $46.4 million contribution. The majority of other funds displayed little to no activity during this period.
Despite the recent downturn, analysts are divided on the prospects for an imminent turnaround in sentiment towards bitcoin and the broader crypto space. Some argue that a correction was inevitable given the meteoric rise experienced by certain assets over the past year, while others believe that the asset class remains resilient in the face of adversity.
Regardless of which camp one falls into, it is clear that institutional investors have grown increasingly skittish about participating in this market segment, leading to the precipitous decline in assets under management observed today.
Source: cryptopotato.com
