Bitcoin ETFs Reversal: Altcoins Soar Amid Sinking BTC Price
Bitcoin ETFs have reversed their fortunes after months of steady inflows. According to SoSo Value data, spot Bitcoin (BTC) ETFs recorded outflows worth $201.81 million on August 28th, a stark contrast to the previous nine days' inflows totaling $3.04 billion.
This change in sentiment can be attributed to the recent drop in Bitcoin's price action from $80K to $78K at press time.
However, this trend is not reflected globally as BitWise's European BTC1 ETP has reached $155.5 million in assets, up from earlier levels around $100-$130 million.
Ethereum (ETH) ETFs, on the other hand, continued their inflow streak with $102.18 million worth of inflows on August 28th, a part of the ten-day total of $1.52 billion in inflows that coincided with Ethereum's price surge from around $1,900 to $2,458.84 at press time.
Other altcoin ETFs also recorded inflows, including XRP ($26.20 million), Solana (SOL) ($18.08 million), and HYPE ($4.48 million).