According to data from SoSoValue, the 12 spot Bitcoin ETFs in the U.S. logged a net outflow of $43.97 million on Sept. 11, ending their two-day streak of positive flows.
Interestingly, ARK 21Shares’ ARKB recorded the largest outflows among the ETFs yesterday, with $54 million in withdrawals, as reported by SoSoValue. Grayscale’s GBTC followed with net outflows amounting to $4.6 million, while its Bitcoin Mini Trust registered outflows of approximately $511,230.
On the other hand, Fidelity’s FBTC led the inflows for the day, recording $12.6 million in net additions. Invesco’s BTCO followed with $2.6 million in inflows. The remaining seven BTC ETFs including BlackRock‘s IBIT saw no trading activity on the day. Notably, IBIT, the largest spot BTC ETF by net assets has not seen any net inflows since Aug. 26.
Overall, these ETFs have seen net positive flows in the last three days, with total inflows into all spot BTC ETFs at approximately $101.7 million.
Total trading volume for the 12 BTC ETFs jumped to $1.27 billion on Sept. 11, significantly higher than the $717 million seen the previous day. These funds have recorded a cumulative total net inflow of $17 billion since inception. At the time of writing, Bitcoin btc2.37%Bitcoin was up 2.7% over the past day, trading at $57,932, per data from crypto.news.
Meanwhile, the nine U.S. spot Ethereum ETFs also recorded a net outflow of $542,870 on Sept. 11, led by VanEck’s ETHV with $1.7 million in outflows. Fidelity’s FETH was the only ETF to record inflows, at $1.2 million. However, it was significantly lower than ETHV’s outflows and could not offset the overall loss.
The remaining Ether ETFs remained neutral on that day.
These investment vehicles have also seen their daily trading volume rise to $126.2 million on Sept. 11, a jump over the previous day. The spot Ether ETFs have experienced a cumulative net outflow of $562.6 million to date. At the time of publication, Ethereum eth2.92%Ethereum was also up by 1%, exchanging hands at $2,354.
According to data provided by Santiment, the Binance funding rates for Aave aave-1.07%Aave, The Graph grt4.36%The Graph and Decentraland mana2.72%Decentraland declined to the negative zone, each standing at -0.018%, -0.014% and -0.021%, respectively.
The indicator shows that all three tokens are witnessing a significant surge in their short trading positions.
An asset’s price usually goes the opposite way when the funding rate falls into the negative zone.
In this case, according to Santiment, AAVE, GRT and MANA could surge due to the potential liquidations of short positions.
On Sept. 11, AAVE reached a two-year high of $160, thanks to its three-day price surge. The asset has been consolidating between $147 and $149 over the past day.
AAVE is down by 1.7% in the past 24 hours and is trading at $148. The token’s market cap is currently hovering at $2.2 billion, making it the 36th-largest cryptocurrency. The daily trading volume around AAVE also cooled down and decreased by 12%, currently sitting at $370 million.
GRT has been constantly declining since March, when it reached a two-year high of $0.49. The Graph gained 3% over the past 24 hours and is currently changing hands for $0.14. GRT is the 51st-largest token with a market cap of $1.3 billion.
MANA witnessed a quite similar momentum to GRT and has been struggling to sustain a strong bullish momentum since March. The asset surged 3.2% in the past 24 hours and is trading at $0.27 at the reporting time. Its market cap surpassed the $500 million mark, securing the 106th spot.
Despite the bullish indicator, it’s important to look out for macroeconomic events that could change the direction of financial markets.
Solana and XRP appear to be in oversold territory based on technical indicators like the Relative Strength Index (RSI), which has dropped below 30 for both assets. This suggests that the Solana price and XRP’s value may have fallen too fast, potentially setting the stage for a rebound. However, both tokens still face fundamental challenges. Solana is battling network reliability issues, and XRP is still at loggerheads with the protracted SEC case, which does not seem to want to end.
Nobody likes this uncertainty, and investors are looking for stability and finding it in the new rising crypto contender Rollblock.