Bitcoin, Ethereum ETF Suffer Outflows: $318M Exit Markets

Bitcoin ETF recorded a substantial 3,274 Bitcoin withdrawal on February 28 that cost investors $266.53 million market value.

The market uncertainty has led investors to pull their funds out of these investments according to recent data reports.

Bitcoin ETFs experienced total withdrawals of 31,469 BTC at a market value of $2.56 billion during the previous week.

The sell-off led mainly by BlackRock’s iShares Bitcoin Trust (IBIT) resulted in the liquidation of 2,274 BTC worth $185.1 million.

BlackRock’s action resulted in a decrease of its Bitcoin holdings to 576,046 BTC at a worth of $46.9 billion.

Additional bitcoin funds known as Fidelity Wise Origin Bitcoin Fund (FBTC) and Valkyrie Bitcoin Fund (BRRR) combined for total withdrawals of 87 BTC and 154 BTC.

The Bitwise Bitcoin ETF (BITB) received 212 BTC within its draft thus becoming the one and only fund to accumulate new capital on this particular day.

The majority of investors maintain a negative outlook even though large investment funds continue to experience continuous capital withdrawal during the last week.

Ethereum ETFs See $51.66 Million in Withdrawals

On February 2.8 the loss of 24,029 ETH from Ethereum ETFs resulted in $51.66 million transferred away by investors.

The last seven-day period has resulted in more than 121,359 ETH withdrawal from these funds at a total value of $260.92 million.

The iShares Ethereum Trust (ETHA) managed by BlackRock witnessed the largest withdrawals which led to a reduction of 11,506 Ethereum worth $24.74 million. T

he reduced total holdings for iShares Ethereum Trust reached 1,306,114 ETH which had a market value of $2.81 billion.

FETH experienced an 11,245 ETH draw of $24.24 million during the same period which added to the overall decline.

The Grayscale Ethereum Trust (ETHE) experienced minor withdrawals during the past day and the previous week when it lost 1,507 ETH combined with 22,503 ETH in withdrawals.

The Ethereum ETF space demonstrated a unique behavior since out of all investments Bitcoin ETFs faced no added funds while Ethereum ETFs had only one observably positive transaction.

QETH, which is the Invesco Galaxy Ethereum ETF, saw a rare positive investment trend by acquiring 232 Ethereum tokens among negative market conditions.

BlackRock’s iShares ETFs Dominate Selling Activity

Market data proves that BlackRock played a leading role in causing the market decline.

During that daily period the iShares Bitcoin and Ethereum Trusts lost $209.84 million combined due to outflows.

Open-market selling continues during a wider industry market correction where Bitcoin price reaches below $80,000 and Ethereum value slips to under $2,150.

The market capitalization of total assets (5.69%) maintained by U.S. spot Bitcoin ETFs amounts to $94.3 billion worth of BTC holdings.

Ethereum-based ETFs maintain $9.31 billion worth of assets that take up 3.09% of all Ethereum available on the market.

Investors remain committed to selling down their investments because they either transfer funds elsewhere or use them to protect their present value from worsening market conditions.

Bitcoin along with Ethereum Exchange-Traded Funds face substantial cash withdrawals that will determine whether this trend continues or stops.