Bitcoin ETFs Experience Cash Outflow While Altcoin ETFs Gain
- US spot bitcoin ETFs lost a net $64 million on Monday.
- Ether funds attracted $22.5 million, while XRP and Solana funds gained about $2.8 million each.
- BlackRock’s IBIT, the largest bitcoin ETF, saw an inflow of $66 million.
- Grayscale’s GBTC accounted for most of the outflow, losing $124 million on the same day.
- Overall, bitcoin ETFs hold approximately $83 billion in assets compared to about $10 billion for ether.
The cash flow dynamics indicate a potential shift in investor sentiment from Bitcoin to altcoins like Ethereum, which experienced significant inflows alongside XRP and Solana funds. The substantial loss by Grayscale’s GBTC suggests that its performance may be impacting broader market trends.
With bitcoin ETFs seeing a net outflow of $64 million primarily due to GBTC losses, it remains to be seen if altcoin ETFs can sustain their momentum moving forward.(Source)
