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