These heavy outflows can be linked to the recent price corrections in the crypto market.
According to CryptoSlate’s data, Bitcoin price retraced from recent highs to as low as $112,000 during the last 24 hours, which is its lowest level since early August.
Notably, Ethereum followed a similar path, dropping over 8% in the past week to trade at roughly $4,200 at the time of reporting.
Despite these significant reductions in their assets, the US-based crypto ETFs’ assets under management remain at record levels.
According to SoSo Value data, Bitcoin ETFs collectively manage $14.6 billion, while Ethereum ETFs maintain approximately $2.6 billion.
Despite the significant redemptions in the BTC and ETH funds, attention is shifting toward the next wave of spot crypto ETFs.
He also pointed to possible authorization for staking within spot Ethereum ETFs, calling the remainder of the year “potentially wild” for the sector.
