- Data from SoSoValue showed spot Bitcoin ETFs recorded daily net outflows of $523 million on Tuesday.
- Spot Ether ETFs experienced $422.3 million in total net outflows, according to SoSoValue.
- Investors are now waiting for additional cues, including the release of minutes from the FOMC’s July meeting later on Wednesday.
US spot Bitcoin and Ether exchange-traded funds (ETFs) saw significant net outflows on Tuesday, with institutional investors trimming exposure ahead of key macroeconomic events later this week.
Large outflows in Bitcoin and Ether ETFs
Data from SoSoValue showed spot bitcoin ETFs recorded daily net outflows of $523 million on Tuesday, excluding numbers from Invesco’s BTCO, which were not published.
Fidelity’s FBTC accounted for the largest share, with $246.9 million in negative flows.
Grayscale’s GBTC saw $115.53 million in outflows, while products from Bitwise and Ark & 21Shares also recorded sizable redemptions.
BlackRock’s IBIT reported no flows for the day.
Spot Ether ETFs experienced $422.3 million in total net outflows, according to SoSoValue.
Fidelity’s FETH led with $156.32 million in withdrawals, followed by Grayscale’s ETHE at $122 million.
The Grayscale Mini Ethereum Trust also saw $88.5 million in outflows.
Tuesday’s figure marked the second-largest daily net outflows from spot ether ETFs since their debut.
Crypto market under pressure ahead of Fed signal
Market participants had earlier expected the US Federal Reserve to lower interest rates in September.
However, last week’s producer price index, which came in hotter than anticipated, reduced confidence in that outlook.
Investors are now waiting for additional cues, including the release of minutes from the Federal Open Market Committee’s July meeting later on Wednesday, and a speech by Fed Chair Jerome Powell at the Jackson Hole symposium on Friday.
Bitcoin, Ethereum, and Ripple extended their declines this week, each closing below important technical support levels.
Bitcoin fell beneath its ascending trendline and the 50-day exponential moving average (EMA), closing at $116,300 earlier in the week before slipping further on Tuesday.
It was trading at around $113,400…