Crypto Market Sees Broad Selloff as Risk Appetite Fades
The Labor Day break may have been over, but it seems the crypto market's risk appetite wasn't ready to return. After reopening on Tuesday, U.S. crypto ETFs saw a broad selloff across various categories.
BTC ETFs took the biggest hit, with Grayscale's GBTC losing $65.51 million and Fidelity's FBTC shedding $17.05 million. Even though some major funds attracted fresh capital, Bitwise's BITB added $14.47 million, Blackrock's IBIT brought in $10.66 million, and Ark & 21Shares' ARKB gained $8.06 million, the outflows outweighed the inflows.
The only category to buck this trend was XRP ETFs, which saw a $1.55 million influx into Franklin's XRPZ. This modest gain offers a glimmer of hope for investors watching XRP's price, but it remains to be seen if this momentum will continue throughout the week.