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Bitcoin (CRYPTO: BTC) spot ETFs experienced a significant daily outflow of $127.05 million on Aug. 27 while Ethereum spot ETFs saw a more modest outflow of $3.4452 million, continuing a nine-day streak of withdrawals.
What Happened: This activity occurred against a backdrop of market anticipation for potential Federal Reserve rate cuts.
Data from SosoValue revealed that despite the daily outflow, Bitcoin spot ETFs maintain a strong cumulative net inflow of $17.95 billion.
The total value traded for these ETFs reached $1.20 billion on Aug. 27, with net assets totaling $57.08 billion—representing 4.67% of Bitcoin’s market capitalization.
Notably, Grayscale‘s (OTC:GBTC) witnessed outflows of $18.2 million, while Ark & 21Shares’s (CBOE: ARKB) saw outflows worth a staggering $101.9 million.
Ethereum (CRYPTO: ETH) ETFs displayed varied performance.
Grayscale‘s (NYSE:ETHE) ETF led the outflows with $9.1798 million withdrawn. However, Fidelity’s (CBOE: FETH) and Bitwise‘s (NYSE:ETHW) ETFs countered the trend, attracting inflows of $3.8792 million and $1.8554 million respectively, data shows.
Also Read: Gary Gensler-Led SEC Charges Brothers With $60M Crypto-Related Ponzi Scheme
Why It Matters: Bitcoin dropped below $60,000 in Wednesday morning trading, down 4% over the past 24 hours. Ethereum is down 3.5% to trade at $2,520.
Speaking with Benzinga, Katie Stockton of Fairlead Strategies noted Bitcoin’s technical weakness, stating, “Bitcoin is seeing significant downside follow-through after falling back below its 50-day moving average yesterday. Support on the chart is initially near $56,000.”
Despite short-term volatility, QCP Capital provided a bullish outlook: “We believe that any dip in equities (and crypto) will be short-lived. With Powell and the Fed ready to kickstart a rate-cutting cycle, increased liquidity will eventually push risk assets higher.”
The market is currently pricing in four Fed rate cuts for 2024, even though only three meetings remain. This expectation of increased liquidity is shaping investor sentiment in both traditional and crypto markets.
With the landscape of digital assets continuously evolving, industry leaders and investors are looking ahead to events that could provide deeper insights into these market dynamics.
The upcoming Benzinga Future of Digital Assets event on Nov. 19 is poised to address many of these pressing issues.
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