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Bitcoin and Ethereum ETFs have been witnessing a significant trend of investor withdrawals in recent days, with net outflows reaching staggering figures. As reported by Sosovalue, Bitcoin ETFs saw a massive $371 million in net withdrawals on March 11th, marking the seventh consecutive day of outflows. Similarly, Ethereum ETFs recorded an equally concerning $21.57 million in redemptions over the same period.
BlackRock’s IBIT led the way with $151.26 million in outflows, followed closely by Fidelity’s FBTC with $107.10 million. Grayscale’s GBTC and other funds also witnessed notable outflows, underscoring a broader trend of investor caution as market sentiment remains uncertain.
It is worth noting that Ethereum ETFs have now seen five consecutive days of redemptions, a development that has sparked concerns about the near-term outlook for crypto-based investment products. In this scenario, it remains unclear what prompts these persistent declines. However, some experts believe that the current trend may not necessarily be an indication of investors’ overall confidence in the market.
According to data provided by 10x Research, only a meager 44% of Bitcoin ETF inflows can be attributed to long-term investments. Meanwhile, the remaining 56% stems from short-term arbitrage strategies like the ‘carry trade’. This highlights that many market participants are driven by speculative behavior rather than a solid commitment to holding assets.
Despite these outflows, it is reassuring to see that the broader crypto market remains resilient. The price of Bitcoin climbed 1.84% to reach $83,059.99, while Ethereum rose 0.96% to hit $1,917.66.
Source: https://ambcrypto.com/bitcoin-ethereum-etfs-bleed-millions-profit-taking-or-nerves-about-the-market/
