Crypto Prices Defy ETF Outflows as Institutional Interest Grows
Crypto prices have edged higher despite renewed outflows from digital asset exchange-traded funds (ETFs). Bitcoin, Ethereum, and XRP are trading at $67,840, $3,520, and $0.62 respectively, according to CoinMarketCap data.
Data from Farside Investors shows that spot Bitcoin ETFs recorded net outflows of $105 million on Wednesday, following a two-day streak of inflows. Ethereum ETFs saw $12 million in outflows, marking their fourth consecutive day of net redemptions.
Analysts attribute the resilience to growing institutional interest in crypto derivatives and a broader risk-on sentiment in traditional markets. James Butterfill, head of research at CoinShares, said 'The ETF outflows are notable, but they are not yet signaling a trend reversal.'
The broader crypto market capitalization has risen 1.1% to $2.3 trillion, with trading volumes up 12% over the past 24 hours.