BTC Up By 2% Despite US Spot Bitcoin ETFs Recording $148 Million in Net Outflows

TL;DR

• BTC is trading close to $57k after adding 2% to its value in the last 24 hours.

• US spot Bitcoin ETFs saw $148 million in net outflows on Tuesday as institutions continue their selloff.

BTC Approaches $57k as Market Sentiment Slightly Improves

Bitcoin, the leading cryptocurrency by market cap, is experiencing a turnaround in performance following its poor start to the week. BTC is up by 2% in the last 24 hours and is currently trading close to the $57k mark.

At press time, Bitcoin’s price stands at $56,912. The positive performance comes despite US spot Bitcoin ETFs recording net outflows for the third consecutive day. According to data from SoSoValue, US spot Bitcoin ETFs recorded $148.5 million in net outflows on Tuesday.

Fidelity’s FBTC led outflows yesterday with $64.48 million. Grayscale’s converted GBTC fund also saw $32.18 million in outflows, while Ark Invest and 21Shares’ ARKB logged $28.88 million in net outflows. Franklin Templeton’s Bitcoin fund also recorded $23 million in outflows. 

While spot Bitcoin ETFs are suffering from outflows, spot Ethereum ETFs continue to attract investments. Spot Ethereum ETFs experienced net inflows on Tuesday, reporting a total daily positive flow of $98.3 million.

BlackRock’s ETHA led the pack, attracting $109.89 million. Fidelity’s FETH saw an inflow of $22.49 million, while Grayscale’s mini trust and Franklin Templeton’s ether fund recorded $4.7 million and $1 million in inflows, respectively. 

However, Ether failed to rally as it is down by 1% in the last 24 hours. The second-largest cryptocurrency by market cap is trading at $2,504, down by 24% in the last seven days.

Thanks to Bitcoin’s improved performance, the total crypto market cap is above $2 trillion again, up by 1% today.