Bitcoin and Ethereum ETF Volumes Hit $6.4 Billion

With yesterday's high volatility causing cryptocurrency prices to drop sharply, we saw that Bitcoin (BTC) spot ETFs had their worst day in 3 months in terms of capital outflows.

Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) saw a combined volume of $6.4 billion on Monday, as revealed by data from Coinglass. This surge in volume follows a day of high volatility, during which cryptocurrency prices dropped sharply.

The capital outflows from Bitcoin spot ETFs marked the worst day in three months. However, the large volume is seen as a positive sign for the long-term health of the ETF market.

Of the total volume, $5.7 billion was attributed to US Bitcoin ETFs and $715 million to Ethereum ETFs. Among the Bitcoin ETFs, BlackRock's IBIT led the way with more than half of the volumes ($2.94 billion), while Grayscale's fund had less than $700 million in volume.

On the Ethereum ETF side, Grayscale's main product had $261 million in volume, followed by BlackRock's ETF with $207 million. Grayscale's Mini Trust ETF had $93 million in volume.

“If you are bullish on Bitcoin, you do NOT want to see crazy volume today, because ETF volume on bad days is a pretty reliable measure of fear,” Bloomberg ETF analyst Eric Balchunas said, commenting on the volumes. “On the other hand, deep liquidity on bad days is part of what traders and institutions like about ETFs, so you also want to see volume, which is good for the long term.”

Meanwhile, BTC rose 2.9% in 24 hours to $55,800, while ETH gained 7.7% to $2,500 during the same period.

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