US Bitcoin and Ethereum ETFs face $130 million in combined outflows

The US crypto ETF sector saw significant outflows on August 27, with a combined total of $130 million leaving Bitcoin and Ethereum ETFs.

On-chain analytics provider Spot On Chain reported that Bitcoin ETFs suffered the majority of the outflows, with $127 million withdrawn, while Ethereum ETFs saw $3.4 million in outflows.

Spot On Chain shared these insights via its official X account, highlighting the current market conditions affecting these ETFs.

Among the Bitcoin ETFs, ARK 21Shares ($ARKB) was the hardest hit, experiencing a staggering $102 million in outflows.

Grayscale’s Bitcoin Trust ($GBTC) also saw significant outflows, with nearly $18.3 million withdrawn.

Bitwise’s Bitcoin ETF ($BITB) recorded $6.8 million in net outflows, ending an 8-day streak of consistent inflows for Bitcoin ETFs.

In contrast, Ethereum ETFs experienced smaller outflows but still reflected a cautious market sentiment.

Fidelity’s Ethereum ETF ($FETH) and Bitwise’s Ethereum ETF ($ETHW) managed to record inflows of $3.9 million and $1.9 million, respectively.

However, Grayscale’s Ethereum Trust ($ETHE) saw a substantial outflow of $9.2 million, leading to the overall $3.4 million in net outflows from Ethereum ETFs.

These outflows mark the 9th consecutive day of outflows for Ethereum ETFs, contributing to a significant price decline for the asset.

Ethereum’s price reportedly dipped by nine percent, following a selling spree triggered by the ongoing outflows from its ETFs.

The outflows from both Bitcoin and Ethereum ETFs suggest a potential shift in investor sentiment, with increased caution prevailing in the short term.

Despite the long-term positive outlook for Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH), the current trend indicates rising selling pressure, which may lead to further price declines.

The substantial outflows and subsequent price downturns underscore the volatility in the crypto markets, as investors react to short-term fluctuations.

At the time of reporting, Bitcoin price was $59,195.71 while Ethereum price was $2,463.09.