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Bitcoin and Ethereum ETFs report massive outflows amid market pressure
According to Lookonchain, on Tuesday, September 23, spot cryptocurrency exchange-traded funds (ETFs) recorded significant outflows. In particular, ten Bitcoin ETFs converted 3,211 BTC into fiat, worth nearly $363 million, while nine Ethereum ETFs liquidated 25,851 ETH, totaling $108 million.
If Lookonchain’s data is correct, the largest outflows in both Bitcoin and Ethereum were seen at Fidelity’s funds: 2,463 BTC and 7,986 ETH, respectively. However, Finbold, citing Arkham data, claims the largest Bitcoin outflow of the day came from BlackRock’s IBIT, amounting to no less than $980 million.
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The event is noteworthy, as the market started the week with declines in major cryptocurrencies. Bitcoin fell below $111,700, while ETH remains under $4,200.
New unsettling prospects
Pressure on the crypto market is intensifying due to uncertainty around government funding and the threat of a U.S. government shutdown, along with the SEC’s adoption of new listing standards for NASDAQ, CBOE, and NYSE. These changes shortened approval times for spot crypto ETFs from over 200 days to just 75, which may draw attention to potential new launches, including a Solana ETF.
In this context, significant capital shifts and heightened volatility in major cryptocurrencies are expected.
As we wrote, Solana steadies at $244 as ETF speculation and institutional flows fuel rally
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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