Bitcoin ETFs in the United States have had net outflows of $3.2B over the last eight days. This comes amid a bigger sell-off in the cryptocurrency and equities markets. This month, the funds have only seen net inflows on four days. The total monthly outflows presently stand at $3.65B.
Tuesday saw a record $1.14B in net outflows. BlackRock's IBIT, the largest bitcoin ETF, experienced its largest-ever outflow of $418M on Wednesday. Thursday's outflows were more moderate, totaling $275.8M. The total net inflows for the 12 bitcoin ETFs have plummeted to $36.85B, the lowest level since January 14. ETFs presently have a net asset value of $94.3B, accounting for around 5.7% of the bitcoin market capitalization.
Spot ether ETFs are not performing much better. They've seen six days of outflows totaling $315M. These outflows coincide with a significant cryptocurrency market slump. Trump's trade measures have eroded investor confidence.
The entire cryptocurrency market is down 7.41%, with bitcoin trading below $80,000 and ether around $2,100. Experts attribute the downturn to larger economic concerns. The crypto industry is struggling as investors sell riskier assets.
