Bitcoin and Ethereum ETFs See Substantial Outflows on April 17, Highlighting a Decrease in Investor Interest

As per the data from Lookonchain, Bitcoin ($BTC) and Ethereum ($ETH) ETFs have witnessed substantial outflows on the 17th of April

The crypto ETF sector is reportedly going through a turbulent phase. According to the data from Lookonchain, Bitcoin (BTC) and Ethereum (ETH) ETFs had witnessed substantial outflows on the 17th of April, highlighting a decrease in investor interest. The on-chain analytics platform shared the grim outlook of the ETF market in a recent X post.

The post highlighted that Bitcoin ETFs experienced a collective outflow of nearly 2,050 BTC, which translates to about $172.33M. These outflows were seen across ten major exchange-traded funds.

The weekly flow of these ETFs went negative at 3,997 BTC, equal to almost $336.05M. However, despite the outflows, the cumulative BTC holdings throughout ten big exchange-traded funds were still massive at 1,111,163 BTC. This denotes a total value of $93.42B.

The biggest single-day outflow was seen by Fidelity’s $FBTC at 1,353 BTC (which equals $113.75M). At present, it possesses 194,273 BTC with a value of $16.33B.

Likewise, ARK 21Shares Bitcoin ETF ($ARKB) saw 1,347 BTC in outflows. But in an optimistic development, BlackRock’s iShares Bitcoin Trust ($IBIT) reported 364 BTC in net inflows. As a result of this, the ETF now possesses total of 572,233 BTC.

On the other hand, Ethereum ETFs experienced even deeper net outflows as 10,484 ETH (approximately $16.56M) cumulatively left in one day. During the recent 7 days, the overall outflows touched 62,017 ETH, accounting for $97.99M. The total ETH coins cumulatively held by 9 Ethereum ETFs are presently 3,329,396 ETH ($5.26B).

The biggest daily outflow was recorded by Grayscale Ethereum Trust ($ETHE), equaling 6,657 ETH ($10.52M). Due to this, the ETF’s ETH holdings have dipped to 1,174,546 ETH.

Interestingly, BlackRock’s iShares Ethereum Trust ($ETHA) went through an outflow of 2,725 ETH while its weekly flow stayed positive at up to 1,514 ETH.

These crypto ETFs signify the cautious behavior of the institutional investors, likely led by recent profit-taking and volatility. While a few funds like $ETHA and $IBIT still show weekly inflows, market onlookers will keep watching for the persistence of this trend.