Spot Bitcoin ETFs and Spot Ether ETFs bled funds on September 3, 2024. In the absence of BlackRock numbers, both segments saw collective outflows in the absence of numbers from BlackRock. Spot Bitcoin ETFs had a net outflow of $287.8 million, while Spot Ether ETFs had a net outflow of $47.7 million.
Spot Bitcoin ETFs have now reported outflows for the 5th time, starting with August 27, 2024, when the number was $127.1 million. Issuers failed to report data on September 2, 2024, marking the 5th consecutive day of outflow. BlackRock didn’t report any numbers for the second straight time. The most recent time it submitted the figures was on August 16, 2024, when it reported an outflow of $13.5 million.
Every other issuer reported a negative flow, including Fidelity, Bitwise, and Ark. Grayscale is the only usual suspect, as it has been reporting outflows since the beginning. GBTC saw $50.4 million move out of the system. Surprisingly, it is not at the top. FBTC holds the position, reporting an outflow of $162.3 million. Invesco reported the lowest outward movement at $2.3 million.
The current price of BTC is $56,395.69, a decrease of 4.33% over the past 24 hours. The token was previously inching closer to $60,000, hence setting the stage for a new ATH, which could have possibly expanded to $84,000 by the end of September. At the moment, that possibility has not been disproven; however, the likelihood of the flagship cryptocurrency experiencing such a high in the near future is limited.
Spot Ether ETF saw $47.7 million collectively move out of the system. Grayscale led the charge with $52.3 million. Fidelity was the only other issuer to report the flow—that is, an inflow of $4.9 million. Spot Ether ETFs have seen outflows since August 16, 2024, except on August 28, 2024, when there was an inflow of $5.9 million, with BlackRock reflecting $8.4 million of inward movement. That turned out to be enough to balance ETHE’s $3.8 million outflow.
ETH is exchanging hands at $2,375.40. The value has plunged by 5.62% in the last 24 hours, which further shows a decline of 3.71% in the last 7 days. Ether is likely to continue attempting to reach the mark of $3,000. It is anticipated to conclude this year at around $4,000, or $3,700.
Spot Bitcoin ETFs have a total inflow of $17,315 million. Spot Ether ETFs account for a total outflow of $524.8 million. BlackRock is leading the pack in both segments, and chances are it will continue to do so in the future. Grayscale is seeing outflows with little hope that the negatives will subside any time soon. Spot Ether ETFs had speculated that Grayscale’s impact would subside soon. Spot Bitcoin ETFs face the same heat.
Source: https://www.cryptonewsz.com/etfs-bleed-on-tuesday-as-grayscale-dominates-flows/