End of the honeymoon?
The ETFs of #bitcoin and #Ethereum suffer a sudden stop of 219 million dollars
The optimism that drove the crypto market during the last week has hit a wall of reality. After an impeccable streak of net inflows, Wednesday became a purge day for exchange-traded funds in the U.S., marking a sharp turn in the sentiment of institutional investors.
The end of the streak: A total of 219.2 million dollars was withdrawn between both assets. For Bitcoin, this breaks a sequence of seven winning days; for Ethereum, it is the first negative flow since March 9.
#blackRock is not immune: Even the giant #IBIT recorded its first net outflow in eight days (33.9 million USD), a sign that even the most solid investors are taking profits or reducing exposure.
#Fidelity under pressure: The FBTC fund led Bitcoin losses with a massive outflow of 103.8 million USD, while its Ether counterpart (FETH) also topped the reimbursements in its category with 37.1 million USD.
Impact on price: This capital flight did not occur in a vacuum. It coincided with a widespread correction where Bitcoin lost the support of 70,000 USD (falling 4.1%) and Ethereum retreated 4.3% to 2159 USD.
