Bitcoin exchange-traded funds (ETFs) witnessed nearly $3 billion in trading volume within the first hour of trading. This activity was more than ten times the volume of Ethereum ETFs.
The selloff comes as Bitcoin and Ether ETFs faced substantial outflows amid a broader global equity selloff. Investors offloaded shares of these ETFs in large numbers, causing Bitcoin and Ether to plunge to their lowest price levels in months. According to CoinShares data, Bitcoin investment products saw outflows of $400 million, while Ether ETFs experienced outflows of $146 million in the week ending August 3.
The selloff resulted in Bitcoin ETFs recording their worst one-day outflows in approximately three months on Friday. This marked the first loss for Bitcoin funds in five weeks, ending a streak of gains that had attracted over $3.5 billion. Similarly, Ether ETFs have now seen two consecutive weeks of losses, totaling almost $500 million.
Over the past week, the price of Bitcoin has plummeted by about 25%, reaching around $50,000, its lowest level since late February. Ether has fared even worse, dropping more than 30% to approximately $2,200.
The turmoil in the cryptocurrency market mirrored broader declines in equities. On Monday, the Nasdaq 100 and S&P 500 were down 3.7% and 3.3%, respectively.
