U.S. spot Bitcoin exchange-traded funds (ETFs) faced a significant shift in investor sentiment, recording outflows of $438.4 million on Monday. This marks the end of a robust five-day streak, during which these ETFs attracted approximately $3.4 billion in inflows.
Key ETF Outflows:
- Bitwise’s BITB led the outflows with $280 million, as per SoSoValue data.
- Grayscale’s GBTC followed, seeing withdrawals of $158.2 million.
- Fidelity’s FBTC experienced outflows totaling $134.7 million.
Other ETFs, including Ark and 21Shares’ ARKB, Invesco, Valkyrie, and VanEck, also reported net outflows.
BlackRock Defies the Trend
Despite the downturn, BlackRock’s IBIT—the largest spot Bitcoin ETF with $31.6 billion in cumulative inflows—bucked the trend, reporting $267.8 million in net inflows.
Additionally, Grayscale’s Mini Bitcoin Trust managed to add $420,460, indicating that selective investor confidence persists.
ETF Market Snapshot
- Total Bitcoin ETF trading volume: $5.6 billion on Monday, up from $5.4 billion last Friday.
- Cumulative Bitcoin ETF inflows: $30.4 billion.
- Total net assets: $102.2 billion, representing 5.4% of Bitcoin’s total market capitalization.
Meanwhile, Bitcoin’s price dipped 3.55% over the past 24 hours, trading at $94,515, down from last week’s high of nearly $100,000.
Ethereum ETFs See Modest Inflows
U.S.-based spot Ethereum ETFs recorded inflows of $2.8 million on Monday.
- Funds from Bitwise, Fidelity, and VanEck posted positive flows.
- In contrast, 21Shares and Grayscale saw modest outflows.
Trading volumes for Ethereum ETFs surged to $711.2 million, a significant jump from $373.9 million last Friday. Cumulative inflows into Ethereum ETFs now total $109 million.
Broader Crypto Market Trends
The broader digital asset market continues to thrive, with record weekly inflows of $3.13 billion.
- Since mid-September, when U.S. interest rates were reduced, cumulative inflows have reached $15.2 billion, and year-to-date inflows stand at a record $37 billion.
Altcoin Performance:
- Solana (SOL): Attracted $16 million, outperforming Ethereum’s inflows.
- XRP, Litecoin, and Chainlink: Recorded inflows of $15 million, $4.1 million, and $1.3 million, respectively.
Alt-Season Signals Emerging
With Bitcoin entering a corrective phase, Ruslan Lienkha, Chief of Markets at YouHodler, suggests the market focus is shifting toward major altcoins such as XRP and SOL.
This potential alt-season could see Ethereum narrowing its gap with Bitcoin, especially as the latter consolidates near the psychological $100,000 mark.
Investor Insights
- Stablecoin Inflows: A record surge of stablecoin capital into Binance reflects strong investor confidence, signaling continued bull market momentum.
- Diverging Correlations: The decreasing correlation between Bitcoin and Ethereum offers unique trading opportunities, particularly for those who missed the Bitcoin rally.
As the crypto market enters a dynamic phase, investors are advised to monitor trends closely to capitalize on emerging opportunities.
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