What Is Going On With Bitcoin, Ethereum ETFs Ahead Of The FOMC Meeting?

Bitcoin BTC/USD spot ETFs experienced their first net outflow in four days on July 30, totaling $18.3 million.

What Happened: This development comes as the world’s leading cryptocurrency faces price volatility, trading around $66,050, down 0.6% in European hours.

The outflow was primarily driven by Grayscale‘s GBTC, which saw $73.6 million exit the fund.

However, BlackRock‘s IBIT continued to attract investors, with a substantial inflow of $74.8 million.

Despite this mixed performance, the total net asset value of Bitcoin spot ETFs remains robust at $58.5 billion, according to data from SoSo Value.

Ethereum ETH/USD based ETFs, on the other hand, reversed their recent trend, recording a net inflow of $33.6 million after four consecutive days of outflows.

Also Read: Russia Greenlights Crypto For Cross-Border Payments, Tightens Mining Rules

While Grayscale‘s ETHE continued to bleed funds with a $120 million outflow, bringing its historical net outflow to $1.84 billion, BlackRock‘s ETHA emerged as a bright spot with a significant $118 million inflow, data shows.

These fund flows come against a backdrop of market turbulence.

Bitcoin recently touched the $70,000 mark following former President Donald Trump‘s announcement of plans to create a strategic Bitcoin reserve if re-elected.

However, the cryptocurrency subsequently experienced a sharp 8% sell-off, triggered by the U.S. Marshals Service moving $2 billion worth of Bitcoin to new wallets, sparking liquidation fears.

Adding to the market narrative, CryptoQuant reported an increase in Bitcoin withdrawals from exchanges, suggesting a potential bullish sentiment.

“The increase in Bitcoin outflow can be a positive sign regarding the possibility of price increase and break-up of the fluctuation area in the future,” the analytics firm stated.

What’s Next: As the crypto market navigates these complex dynamics, industry participants are looking ahead to Benzinga’s Future of Digital Assets event on Nov. 19.

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