U.S. spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) saw another wave of withdrawals yesterday, August 20, the fourth consecutive day of consistent net outflows.
Bitcoin ETFs shed $311.57 million during the session, with BlackRock (IBIT) leading the sell-off with $220 million, according to data from SoSoValue on August 21.
Ark (ARKB) had the same idea, dropping $76 million, while Fidelity (FBTC) and Grayscale (GBTC) posted smaller outflows of $7 million and $8 million, respectively.
Ethereum ETFs also recorded substantial redemptions, with $240 million withdrawn on the day and BlackRock (ETHA) again taking the brunt of it, seeing $257 million in withdrawals.
Trading volumes still high
Despite the net losses, trading volumes remained fairly high, suggesting investors are more likely to be repositioning rather than exiting the market altogether.
Shifting strategies could be the result of both Bitcoin and Ethereum struggling to hold key resistance levels. Indeed, both cryptocurrencies have slipped over the past week, with Bitcoin being down 6% yesterday on the weekly chart.
The asset has managed to bounce back a little by Thursday, August 21, however, briefly trading above $114,600 before plunging back to around $113,4710 at the time of writing.
With nearly $2 billion pulled from crypto ETFs in total within a week, the following few sessions are shaping up to be crucial in determining what we can expect from institutional holders, especially since the market is increasingly more on edge amid ongoing U.S.-Ukraine-Russia ceasefire talks.
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