Spot Bitcoin exchange-traded funds in the United States continued their outflow streak on Feb. 27 as Bitcoin tumbled under $80k.
Therefore, the 12 spot Bitcoin exchange-traded funds (ETFs) had a net outflow of $275.83 million on Tuesday, according to statistics provided by SoSoValue.
This brings their negative flow streak to eight consecutive days, during which time more than $3.2 billion was removed from the funds. On February 26, BlackRock’s institutional bond index (IBIT) suffered its largest outflow day, with net redemptions totaling $418.06 million.
These transactions occurred throughout this period. The 12 exchange-traded funds (ETFs) jointly posted their greatest single-day net outflows, with investors withdrawing a total of $1.14 billion only a day prior to this development.
BlackRock’s IBIT, which saw a loss of $189.02 million, was the source of the majority of outflows on February 27. WisdomTree’s BTCW, which experienced a loss of $53.78 million, was the second largest outflow. The only exchange-traded fund (ETF) that has had any inflows during the past three days is Bitwise’s BITB, which outperformed the trend with a total of $17.65 million in inflows.
Other exchange-traded funds (ETFs) that experienced negative flows include the following:$12.82 million is Valkyrie’s BRRR estimate. VanEck’s holdings are worth $10.58 million.
The value of Grayscale’s GBTC is $7.26 million.7.25 million dollars for Fidelity’s FBTCSeven and a half million dollars for Franklin Templeton’s EZBC$5.54 million is the amount of Grayscale’s Mini Bitcoin Trust.
All three of the surviving Bitcoin exchange-traded funds (ETFs) maintained their neutrality throughout the day. At the time of this publication, the daily trading volume for spot Bitcoin exchange-traded funds was $3.01 billion. These exchange-traded funds (ETFs) have received $36.58 billion in net inflows since they were first established.
As for the nine Ethereum exchange-traded funds (ETFs), they did not do any better, with net outflows totaling $71.08 million on February 27. This result continued the downward trend for the sixth day in a row.
ETHA, which is owned by BlackRock, reported outflows totaling $26.06 million, followed by Fidelity’s FETH and Grayscale’s ETHE, which reported withdrawals totaling $25.45 million and $19.57 million, respectively.
The withdrawals from both Bitcoin and Ethereum exchange-traded funds occurred on Tuesday, when the price of Bitcoin fell below $80,000 for the first time in more than three months as a result of the recent dip. This drop occurred while the cryptocurrency market as a whole was seeing a sell-off in the midst of increasing volatility on the worldwide market.
The top cryptocurrency experienced a significant decline during early Asian trade, reaching a low of $79,561; this level is a significant drop from its all-time high of almost $109,000 at the beginning of the previous month.
Since Donald Trump’s victory in the election in November, the value of bitcoin has been experiencing a significant surge. The market expressed confidence as a result of his pro-crypto stance, which included vows to relax laws and make the United States a global hub for cryptocurrency.
However, Trump’s actions, such as imposing tariffs on trade partners, have dampened the euphoria in recent times, raising concerns about the potential for a global trade war.
A combination of fiscal policies, including tax reductions and tightened regulations, suggests that the Federal Reserve may maintain high interest rates for a longer period of time due to Trump’s intentions to reduce taxes and tighten immigration regulations. At the same time, economic data indicates that the economy of the United States is slowing down, which adds to the uncertainty in the market.
