Biggest Losses in Weeks for Bitcoin and Ethereum on Wall Street

Bitcoin (BTC) and Ethereum (ETH) had a very bad day on the American stock market yesterday. The stock exchange funds turned deep into the red for the second day in a row and this time it was even the biggest loss in weeks. Remarkably, newcomer Solana (SOL) managed to weather the storm.

Outflows from BTC and ETH

Investors of Bitcoin spot ETFs in particular decided to sell their shares en masse with a net outflow of $488.4 million. At the same time, the Bitcoin price fell by more than 4 percent from $ 111,500 to a low of $ 106,350. Many altcoins fell even faster.

Net outflow means nothing more than that at the bottom line more capital flows out of the funds than is put into them. This in turn means that funds have to sell the underlying Bitcoins. These coins ensure that the fund moves with the real Bitcoin price.

It marks the biggest loss since October 16. But on Wednesday it was almost as sad with an outflow of $470.7 million.

BlackRock’s IBIT fund, the largest Bitcoin fund in the world and the best ETF launch ever, lost the most with an outflow of $290.9 million.

Then Ethereum. That’s where $184.2 million of all scholarship funds flowed from. That’s a lot more than Wednesday’s $81.4 million. It is the worst result since October 23.

Here too, BlackRock was the biggest victim. His ETHA fund, which manages by far the most ether, saw $ 118 million disappear.

Solana braves the storm

Since this week we also have the very first pure spot funds for Solana. Bitwise launched its fund on Tuesday and Grayscale was allowed to convert its existing fund into a spot ETF a day later.

Bitwise is clearly reaping the benefits of being the first to enter the market. Despite the crash on the crypto market, the fund managed to rake in $36.5 million yesterday. In three days, $152.5 million has already been raised. Grayscale raised $1.4 million in its debut, up from $0.8 million yesterday. This is evident from data from Farside Investors.