Bitcoin ETFs See $268M Outflow, Ethereum Gains
Bitcoin ETFs face 3rd day of outflows totaling $268M, while Ethereum ETFs enjoy 11-day inflow streak with $78.17M on June 2.
- Bitcoin spot ETFs see $268 million in outflows on June 2.
- Ethereum spot ETFs register $78.17 million in inflows.
- Trend shows shifting investor sentiment toward Ethereum.
On June 2, Bitcoin spot ETFs reported a significant net outflow of $268 million, continuing a concerning trend for the third consecutive day. This outflow indicates a waning investor confidence or potential profit-taking after recent market highs. The consistent withdrawal of funds from Bitcoin ETFs suggests a broader shift in sentiment, possibly due to macroeconomic uncertainty or anticipated regulatory changes.
BlackRock’s iShares Bitcoin Trust (IBIT) notably recorded a $6.3 million outflow—the first time in weeks the fund has lost investor capital. Meanwhile, the Grayscale Bitcoin Trust (GBTC) accounted for the majority of Bitcoin ETF redemptions, underscoring investor fatigue with high management fees and its ongoing premium/discount issues.
Ethereum ETFs Shine Amid Bitcoin’s Slump
While Bitcoin ETFs struggled, Ethereum spot ETFs saw a net inflow of $78.17 million on the same day, marking their 11th consecutive day of gains. This continued influx of capital signals growing investor enthusiasm for Ethereum, possibly fueled by expectations surrounding ETH staking, network upgrades, and potential institutional adoption.
This stark contrast between Bitcoin and Ethereum ETF flows reflects a changing dynamic in the crypto investment landscape. Ethereum’s increasing popularity may also be attributed to its broader utility in decentralized finance (DeFi) and smart contract platforms, which continue to gain traction.
Shifting Investor Preferences?
The divergent ETF flows suggest that investors might be rotating capital from Bitcoin into Ethereum, or simply favoring ETH due to its current narrative strength. As Ethereum ETFs extend their winning streak, the question becomes whether this is a short-term rotation or the beginning of a longer-term trend favoring Ethereum.
Read also:
- STBL Launches Stablecoin Protocol With Yield Retention
- Bitcoin ETF Inflows Hit $741M, Highest in 2 Months
- Streamflow Allocates Over 20% of Protocol Revenue to $STREAM Buybacks & Staking Rewards
- Bitcoin Rally Expected Before Year-End: Novogratz
- Missed Polkadot’s 1000x? BullZilla Presale Charges Forward as the Top Coin to Join for Short Term
