Bitcoin and Ether ETFs witnessed net capital outflows of 86 million USD and 18 million USD, mainly from Grayscale's GBTC and Fidelity's FETH.
Exchange-traded funds (ETFs) investing in cryptocurrencies had a quiet trading day on Tuesday, May 7, as both Bitcoin and Ether ETFs recorded significant net capital outflows. This trend marks a halt to the positive start of the week and disrupts the recent growth momentum of crypto investment funds.
After three consecutive trading sessions of increases, Bitcoin ETFs faced net withdrawals of 85.64 million USD, ending a positive streak of capital inflows. Grayscale's GBTC became the focal point of the capital withdrawal wave with an outflow of up to 89.92 million USD, accounting for a large portion of the total capital withdrawn from the Bitcoin ETF market that day.
Selling pressure is increasing in the crypto ETF market.
Aside from GBTC, many other Bitcoin ETF funds also experienced significant capital outflows. ARKB from Ark 21Shares lost 16.12 million USD, while EZBC from Franklin and HODL from VanEck also recorded slight withdrawals of 8.26 million USD and 8.06 million USD, respectively.
The only bright spot in the bleak trading day came from BlackRock's IBIT, which still attracted an additional 36.73 million USD in capital, showing that BlackRock continues to maintain its leading position in attracting investor funds.
Source: Sosovalue
The total trading value of Bitcoin ETFs reached 1.46 billion USD, while total net assets ended the day at 111.15 billion USD.
On the Ether ETF side, the market also could not escape the negative trend. Fidelity's FETH was the only fund to record significant fluctuations, with a capital outflow of 17.87 million USD, while other funds did not have notable transactions. The total trading volume of Ether ETFs reached 135.25 million USD, with net assets slightly decreasing to 6.18 billion USD.
Data from the crypto ETF market on May 7 serves as a noteworthy reminder for investors: capital does not always flow in one direction, and despite the impressive capital inflow trend since their launch, cryptocurrency ETFs are still affected by market sentiment and other macroeconomic factors.
