Investors pulled $226 million from the Spot Bitcoin ETF on Thursday.
Cryptocurrency markets continued to fall on Friday, extending a downward trend that began on Thursday as investors withdrew more than $200 million from physical Bitcoin exchange-traded funds (ETFs).
Bitcoin and Ethereum both fell by more than 1%, while Solana fell 4%, according to data from CoinGecko.
According to data from Far Side, Bitcoin spot ETFs saw net outflows of more than $226 million on Thursday, with Fidelity's FBTC hit the hardest with $106 million outflows, Grayscale's GBTC with $61 million outflows, Ark Invest's ARKB with $52.7 million withdrawals, and the VanEck ETF with $11 million outflows.
The withdrawals came after the Bitcoin ETF recorded $100 million worth of inflows on June 12.
ETH ETF Optimism
Meanwhile, during testimony before a subcommittee of the Senate Appropriations Committee, Securities and Exchange Commission (SEC) Chairman Gary Gensler said that an Ethereum ETF would likely be approved by the end of the summer.
Mikael van de Poppe, founder and CEO of MN Trading, remains optimistic.
“Ethereum has corrected over the past three weeks, but slowly but surely momentum will begin to build for the listing of an Ethereum ETF,” he said. “The ETF is expected to list in July.”
According to Julio Moreno, head of research at CryptoQuant, Ethereum experienced one of its most significant days in terms of purchases by long-term holders on Friday.
According to data from CryptoQuant, on June 12, the accumulating address acquired 298,000 Ether tokens, worth $1.03 billion. The highest single-day purchase was recorded on September 11, when 317,000 Ether was purchased.
“Demand for Ethereum is surging,” he said. “Purchases by permanent holders were the second highest on record yesterday.”
According to data from CoinGlass, 52,082 traders were liquidated in the past 24 hours, bringing the total liquidation amount to $112.76 million. ETH and BTC longs had the highest liquidation amount, totaling $18 million. A long is a trading position where an investor buys an asset in the hope that its price will rise.
Across financial markets, U.S. stocks fell on Friday. The Dow Jones Industrial Average fell 0.5%, the S&P 500 lost 0.4% and the Nasdaq Composite fell 0.3%.
