Bitcoin and Ethereum ETFs See $31M in Combined Outflows

The crypto ETF sector is going through a notable sentiment shift among institutional investors. As per the latest data from Lookonchain, both the Bitcoin ($BTC) and Ethereum ($ETH) ETFs have seen $12.83M and $18.81M in outflows on May 7. The on-chain analytics provider shared insights into the current crypto ETF outflows in a recent social media post.

Bitcoin ETFs Witness $12.83M in Outflows

In the case of Bitcoin ($BTC) exchange-traded funds, a cumulative $12.83M left the market. The respective. In this respect, up to 4 out of 10 Bitcoin ETFs incurred losses. The top Bitcoin ETF in terms of losses was Grayscale Bitcoin Trust ($GBTC), accounting for 181 $BTC in outflows. Simultaneously, ARK 21Shares Bitcoin ETF ($ARKB) also saw 169 $BTC in losses. Apart from that, Valkyrie Bitcoin Fund ($BRRR) and Invesco Galaxy Bitcoin ETF ($BTCO) also recorded 48 $BTC and 33 $BTC in outflows, respectively.

Despite these outflows across diverse Bitcoin ETFs, a couple of the exchange-traded funds remained successful in attaining notable inflows. Specifically, iShares Bitcoin Trust ($IBIT) of BlackRock included up to 280 $BTC. Along with that, Franklin Bitcoin ETF ($EZBC) added nearly 19 $BTC. On the other hand, the other 4 Bitcoin ETFs saw no flows at all.

Ethereum ETFs Record $18.81M in Outflows

Presenting a similar scenario, Ethereum ($ETH) ETFs also witnessed noteworthy outflows. Cumulatively, the Ethereum exchange-traded funds have lost approximately $18.81M. Particularly, Fidelity Ethereum Fund accounted for the peak level in terms of daily outflows, with 9,991 $ETH leaving it. Additionally, Invesco Galaxy Ethereum ETF ($QETH) incurred 109 $ETH in losses.

Concurrently, the outflows of BlackRock’s iShares Ethereum Trust ($ETHA) have reached 107 $ETH. Additionally, Grayscale Ethereum Trust ($ETHE) and Grayscale Ethereum Mini Trust ($ETH) have also witnessed 78 $ETH and 2 $ETH in total outflows.

Institutional Capital Shifts from Ethereum to Bitcoin

According to Lookonchain’s statistics, the institutional investors are apparently shifting from Ethereum to Bitcoin, as $IBIT and $EZBC have noted considerable inflows. Following the overall outflows of $12.83M and $18.81M from Bitcoin and Ethereum ETFs, their remaining holdings stand at $113.41B and $6.32B in total. However, whether Ethereum will bounce back remains to be seen in the near future.