Investor apprehension continues to impact cryptocurrency exchange-traded funds (ETFs), as bitcoin funds experienced net withdrawals of $371 million on Tuesday, March 11, marking the seventh straight day of exits.
Ether ETFs also encountered significant redemptions, logging $22 million in outflows over five consecutive days, according to data from Sosovalue.
The most substantial outflows in the bitcoin ETF sector originated from BlackRock’s IBIT, which saw a pullback of $151.26 million, trailed by Fidelity’s FBTC with $107.10 million in net redemptions.
Grayscale’s GBTC reported considerable losses, offloading $35.49 million. Other funds facing withdrawals included Franklin’s EZBC ($33.73 million), WisdomTree’s BTCW ($15.43 million), and Invesco’s BTCO ($14.93 million).
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In the ether ETF arena, BlackRock’s ETHA led the exodus, losing $11.82 million, while Fidelity’s FETH noted $9.75 million in pullouts.
The persistent outflows, now extending a full week for bitcoin ETFs and five days for ether ETFs, indicate a reassessment of risk or profit-taking strategies among investors. Over the last three days alone, bitcoin ETFs have witnessed more than $300 million in redemptions, while ether ETFs have consistently dealt with outflows surpassing $20 million.