Bitcoin and Ethereum ETFs Experience Huge Outflows on August 28

Noteworthy fluctuations are continuously taking place in the crypto market as the latest data concerning Ethereum and Bitcoin ETFs shows. Lookonchain, a famous on-chain analytics provider, disclosed that the Bitcoin and Ethereum ETFs saw outflows of $109.18M and $3.79M respectively on August 28, raising apprehensions about the sentiment shift among investors. The analytics provider took to social media to discuss the current ETF scenario.

1,861 $BTC Leave the Bitcoin ETF Market on August 28

In its new X post, Lookonchain mentioned that a cumulative 1,861 $BTC saw their withdrawal from the Bitcoin ETF market. This figure equals nearly $109.18M. These outflows signify a rapid decline, pointing toward a likely reassessment on the hands of the institutional investors. ARK21Shares Bitcoin ETF reportedly topped among the exchange-traded funds witnessing outflows.

It experienced the extraction of almost 1,643 $BTC with a value of nearly $96.41M. Irrespective of this enormous outflow, the ETF still possesses a significant position among the $BTC ETFs. Lookonchain asserted that it has a cumulative 46,366 $BTC tokens under management. This amount accounts for $2.72B in value. In addition to this, the Ethereum market also mirrored the trend seen by Bitcoin.

Ethereum ETFs Incur a Net Outflow of 1,526 $ETH

The Ethereum ETFs went through a net outflow of 1,526 $ETH, equaling $3.79M. Grayscale’s Ethereum ETF (ETHE) dominated the $ETH ETFs in outflows. It recorded 3,676 $ETH (approximately $9.14M) in outflows. Irrespective of this, the exchange-traded fund still holds a great number of $ETH. Hence, the total holdings of Grayscale’s Ethereum ETF (ETHE) stand at up to 1,814,925 $ETH, with a value of almost $4.51B.

As the statistics from Lookonchain imply, these outflows indicate a likely shift in the overall market dynamics. In this respect, the institutional investors seem to be decreasing their Ethereum and Bitcoin exposure. Though the reasons for the respective withdrawals are ambiguous, several factors like risk management, profit-taking, or a wider market sentiment shift may be the chief contributors.

Source: https://blockchainreporter.net/bitcoin-and-ethereum-etfs-experience-huge-outflows-on-august-28/