🧵 1. Bitcoin ETFs face largest outflows in 4 months amid market downturn, $287M withdrawn from 11 U.S.-listed ETFs on Tuesday, the biggest since May 1. #crypto
🧵 1. Bitcoin ETFs face largest outflows in 4 months amid market downturn, $287M withdrawn from 11 U.S.-listed ETFs on Tuesday, the biggest since May 1. #crypto
🧵 2. Fidelity led redemptions with $162M, Grayscale saw $50.4M outflows. Initial enthusiasm around Bitcoin ETFs wanes as market selloff continues.
🧵 3. Spot Bitcoin funds hold around $52.6B in assets, down $10B from peak. Decline attributed to Bitcoin price fall, reaching $58.4K from $73K in March.
🧵 4. Spot Ether ETFs plunge 6%, leading to related ETF outflows. JPMorgan notes Grayscale-driven redemptions of $52M in ETHE product on Tuesday.
🧵 5. Overall, Bitcoin ETF flows tepid except for $4.9M inflows into Fidelity's spot ether product. Total assets decreased to $6.7B from $10.2B in July.
🧵 Read more at: https://www.cnbc.com/2024/09/04/bitcoin-etfs-saw-heaviest-outflows-in-four-months-as-crypto-plunged.html