Markets
Crypto Markets Slip Amid Large Bitcoin ETF Outflows
Investors withdrew $226 million from Bitcoin ETFs in cash on Thursday.
Crypto markets continued to fall on Friday, extending the downward trend that began on Thursday, as investors withdrew more than $200 million from spot Bitcoin exchange-traded funds (ETFs).
Both Bitcoin And Ethereum fell more than 1%, while Solana slipped 4%, according to CoinGecko data.
Farside Data watch that Bitcoin spot ETFs saw more than $226 million in net outflows on Thursday. Fidelity’s FBTC was hit the hardest, with $106 million in outflows, while Grayscale’s GBTC saw $61 million in outflows, Ark Invest’s ARKB saw $52.7 million in outflows. withdrawals and VanEck’s ETF saw $11 million in outflows.
The withdrawals come after Bitcoin ETFs saw inflows worth $100 million on June 12.
ETH ETF Optimism
Meanwhile, in testimony before a Senate Appropriations Committee subcommittee, Securities and Exchange Commission (SEC) Chairman Gary Gensler said Ethereum ETFs would likely be approved by the end of summer.
Michaël van de Poppe, founder and CEO of MN Trading, remains optimistic.
“Ethereum has corrected over the last three weeks, but slowly but surely, momentum towards listing the Ethereum ETF will start to emerge,” he said. said. “The ETF is expected to go live in July.”
According to Julio Moreno, head of research at CryptoQuant, Ethereum on Friday experimented one of its most notable days in terms of accumulation by long-term holders.
CryptoQuant data revealed that on June 12, accumulation addresses acquired 298,000 Ether tokens, worth $1.03 billion. The record daily purchase occurred on September 11, when 317,000 ETH was purchased.
“The demand for Ethereum has increased,” he said. “Purchases by permanent holders were the second highest on record yesterday.”
Data from CoinGlass watch that 52,082 traders were liquidated in the last 24 hours, for a total liquidation amount of $112.76 million. Long positions in ETH and BTC faced the highest liquidation, totaling $18 million. Long positions are trading positions in which investors buy assets with the expectation that their price will increase.
In broader financial markets, U.S. stocks fell on Friday. The Dow Jones Industrial Average fell 0.5%, while the S&P 500 lost 0.4% and the Nasdaq Composite fell 0.3%.