Spot bitcoin exchange-traded funds in the U.S. reported net outflows of $52.83 million on Wednesday, ending four consecutive days of net inflows that drew in over half a billion dollars.
Yesterday’s pack of outflows was led by Ark Invest and 21Shares’ ARKB, which saw $43.41 million, according to data from SoSoValue. On Wednesday, Grayscale’s GBTC reported net outflows of $8.13 million, and Bitwise’s BITB recorded $3.95 million in outflows.
Only one spot bitcoin fund reported net inflows yesterday — Grayscale’s Bitcoin Mini Trust posted smaller net inflows of $2.66 million. The remaining eight funds, including BlackRock’s IBIT, saw zero daily flows.
On Wednesday, the 12 funds had a total daily trade volume of $1.63 billion and accumulated a total net inflow of $17.44 billion.
Spot ether ETFs reported $9.74 million as only two of nine funds had net movements on Wednesday, marking their third consecutive day of net outflows.
Grayscale’s ETHE fund saw $14.66 million move out of the fund, while BlackRock’s ETHA added $4.92 million into the ETF.
The nine ether funds saw a total daily trade volume of $221.88 million, up from Tuesday’s $176.26 million. Since their July launch, the ETFs have amassed a total net outflow of $615.58 million.
Meanwhile, bitcoin rose 3.03% in the past 24 hours to $62,138 at the time of writing, according to The Block’s bitcoin price page, as markets reacted to the latest Federal Open Market Committee meeting cutting interest rates by 50 basis points.
“Chairman Powell gave risk markets what they wanted with a 50 bp cut, but was explicit in hedging the larger cut with confident statements that an economic soft-landing is still the base case, and repeated many times that the US economy is doing ‘just fine,’” said SOFA.org Head of Insights Augustine Fan. “Markets expect about a 1/3 chance of a 50bp cut in November after the FOMC and NFP will naturally be the most important data point for investors to watch.”
Fan added that bitcoin recovered due to strong equity moves, and altcoins performed strongly as a sign of overall growth in risk sentiment. The price of Ether increased by 4.14% to $2,414.60, and Solana jumped 6.21% to trade at $138.96 over the past day.
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