BlackRock records $500 million in outflows from these two cryptos
U.S. spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) saw another wave of withdrawals yesterday, August 20, the fourth consecutive day of consistent net outflows. Bitcoin ETFs shed $311.57 million during the session, with BlackRock (IBIT) leading the sell-off with $220 million, according to data from SoSoValue on August 21. Ark (ARKB) had the same idea, dropping $76 million, while Fidelity (FBTC) and Grayscale (GBTC) posted smaller outflows of $7 million and $8 million, respectively. Ethereum ETFs also recorded substantial redemptions, with $240 million withdrawn on the day and BlackRock (ETHA) again taking the brunt of it, seeing $257 million in withdrawals. Trading volumes still high Despite the net losses, trading volumes remained fairly high, suggesting investors are more likely to be repositioning rather than exiting the market altogether. Shifting strategies could be the result of both Bitcoin and Ethereum struggling to hold key...