Bitcoin, Ethereum ETFs See Over $1 Billion Outflows as XRP Fund Soars
Bitcoin, Ethereum ETFs See Over $1 Billion Outflows as XRP Fund Soars
Bitcoin and Ethereum exchange-traded funds (ETFs) collectively experienced significant outflows, totaling over $1 billion. This marks a notable downturn, particularly for Bitcoin ETFs, which had their worst day of outflows since February. In contrast, an XRP fund demonstrated strong performance, soaring amidst the broader market's negative sentiment towards BTC and ETH ETFs.
Crypto ETFs Face Significant Headwinds
The crypto market witnessed substantial shifts as Bitcoin and Ethereum ETFs recorded over $1 billion in asset shedding. BlackRock’s iShares Bitcoin Trust, a prominent player, contributed to more than a quarter billion dollars in outflows on what has been characterized as the worst day for Bitcoin ETF outflows since February. This broad trend indicates a period of investor caution or profit-taking within the BTC and ETH ETF sectors.
Amidst these outflows, an interesting divergence was observed with an XRP fund, which notably soared. This positive performance for XRP contrasts sharply with the struggles faced by Bitcoin and Ethereum ETFs, highlighting varied investor sentiment across different digital assets in the current market climate.