June 6, 2024 (Source: Cointelegraph) - US spot Bitcoin ETFs experienced significant outflows, totaling $278 million on Thursday, influenced by the ongoing feud between Donald Trump and Elon Musk.
This shift in sentiment caused the Cryptocurrency Fear & Greed Index to move from "Greed" to "Fear." Tesla shares dropped 14%, and Trump Media shares fell 8%.
These outflows followed a two-day recovery after a period of outflows from May 29 to June 2, which totaled $1.2 billion in three trading days.
Global Bitcoin exchange-traded products saw $8 million of outflows in the past trading week. Ether ETPs, however, saw inflows, totaling $321 million.
ARK Invest's ARK 21Shares Bitcoin ETF (ARKB) led the outflows on June 5, with $102 million. In contrast, US spot Ether ETFs saw $11.3 million of inflows on June 5, marking 14 consecutive days of inflows.
BlackRock, the largest crypto ETF issuer, purchased $50 million worth of Ether on June 3.