Capital Moves in Opposite Directions
According to the latest data, U.S.-listed Bitcoin ETFs recorded about $104 million in outflows on Wednesday, while Ethereum vehicles attracted roughly $170 million in new capital – a rare divergence between the two largest digital assets.
The sharpest withdrawals came from Grayscale’s GBTC, which lost $82.9 million in a single session. Invesco’s BTCO and BlackRock’s IBIT also reported smaller outflows of $11.1 million and $10.1 million, respectively, while most other Bitcoin funds remained flat.
Ethereum funds told a very different story. BlackRock’s ETHA drew the majority of inflows, bringing in $164.3 million, followed by Bitwise’s ETHW with $12.3 million, and Fidelity’s FETH with about $1 million. Only 21Shares’ CETH reported an outflow of $8 million.
Over the past week, the broader picture still leans negative: Bitcoin ETFs have lost about $332 million in total, while Ethereum funds are down $198 million over the same period – signaling investors remain cautious after the crash.
Volatility Lingers After Market Shock
The turbulence began last Friday when President Donald Trump’s announcement of 100% tariffs on Chinese imports triggered panic across risk assets. Bitcoin quickly dropped 15%, briefly touching the $100,000 level, while Ethereum slid over 20%.
Analysts say the sell‑off drained liquidity across major trading venues, creating a fragile recovery environment. Vetle Lunde, Head of Research at K33 Research, described the current state as a “liquidity squeeze” that could temporarily drag the market lower before conditions stabilize.
“Such periods often lay the groundwork for a new accumulation phase,” Lunde said, adding that long‑term investors tend to re‑enter once volatility subsides.
What Comes Next?
With investors pivoting toward Ethereum products despite market stress, analysts are watching to see if the trend continues into the next trading week. Historically, inflows into one asset class during a downturn have often foreshadowed broader sentiment shifts across digital markets.
For now, Bitcoin and Ethereum appear to be telling two very different stories – one of retreat, and the other of quiet rebuilding.
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