Cryptocurrency Market Sees Largest Outflow Streak in Bitcoin and Ethereum ETFs

The cryptocurrency market is witnessing significant outflows from Bitcoin and Ethereum exchange-traded funds (ETFs). According to recent data, investors have withdrawn nearly $3 billion from spot Bitcoin ETFs over the past 10 trading sessions. This trend has also been observed in Ethereum ETFs, which have recorded outflows for 14 consecutive days.

The largest withdrawal occurred on Wednesday, when investors took out $733.43 million from the funds. The total assets under management in these ETFs have dropped significantly, with a decrease of about $10 billion over two weeks.

Analysts at Santiment suggest that this may be a sign of the market approaching a local bottom. They point to previous instances where similar outflows were followed by a return to growth. The company notes that strong outflows from ETFs often occur after the market has already experienced the main wave of negativity, making it a signal against traders' expectations.