Bitcoin and Ethereum ETFs Fall to New Record Lows
The prices of many crypto tokens experienced a bearish trend this week, resulting in only three of the top 50 tokens based on market cap to gain value.
As a result, the values of US-based spot Bitcoin and spot Ethereum exchange-traded funds have hit new multi-month lows.
On Friday, the 12 funds on the market had a cumulative value of $48.24 billion, with nearly $170 million worth of outflows for US spot Bitcoin ETFs.
This is the first time in a month that the total value has fallen below $50 billion and the lowest cumulative value since May 1.
Data from SoSoValue shows that similar numbers were last seen at the end of February. While BlackRock’s IBIT fund did not see any inflow or outflow, Grayscale’s GBTC had a $53 million outflow and Fidelity’s FBTC saw $85 million in outflows, the most on Friday.
