Bitcoin ETF dey comot 631 BTC; Ethereum ETF don lose 4,319 ETH
For September 1, Lookonchain monitoring show say big crypto exchange-traded funds dey experience net outflows, as both Bitcoin ETF and Ethereum ETF get serious withdrawal dem. Bitcoin ETF funds combine net outflow reach 631 BTC (about $68.8 million) across ten trusts, led by VanEck wey withdraw 627 BTC, now e carry 16,780 BTC (around $1.83 billion). This Bitcoin ETF net outflow show say investors dey cautious as market dey volatile. Meanwhile, Ethereum ETF products get net outflow of 4,319 ETH (about $19 million) across nine funds, as Bitwise withdraw 5,467 ETH, leaving am with 130,701 ETH (about $575 million). These ETF net outflows show bearish feeling wey fit affect short-term price movement for both cryptocurrencies.
Bearish
Di net outflows wey come from Boh Bitcoin ETF and Ethereum ETF product dem dey show say investors dey get more cautious and bearish for short term. Historically, when people dey withdraw from ETF, e dey often match with spot price wey dey go down as institutional demand dey fall. The $68.8 million wey dem take comot from Bitcoin ETF and the $19 million from Ethereum ETF show say risk aversion don increase for the middle of market wahala, and e fit make selling pressure for spot and derivatives market dem strong well well. Similar outflow palava for past cycles usually dey happen when prices dey correct, e make traders dey use defensive strategies. Even though if macro conditions stabilize fit change the trend make money go inside again, the current net outflows for ETF fit make bearish bias hold ground and affect the short-term trading decisions.