Headline: Вывод $1,17 млрд из биткоин-ETF: инвесторы переключаются на эфир Translation: Withdrawal of $1.17 billion from Bitcoin ETFs: Investors Shift Focus to Ethereum

From August 18 to 22, investors withdrew $1.17 billion from spot Bitcoin ETFs. The leading fund in terms of outflows was BlackRock’s IBIT, which saw a loss of $615 million.

Instruments based on the second-largest cryptocurrency also recorded a capital exit of $237.73 million, ending a 14-week streak of net inflows.

Vincent Liu, an analyst at CIO Kronos Research, commented to The Block that the approval of staking for Ethereum-based ETFs would enhance activity within the network and potentially trigger an increase in altcoins.

*“Ethereum is poised to take center stage,”* he said.

Nik Rak, director of LVRG Research, pointed out that significant holders are reducing their Bitcoin positions in favor of Ethereum, anticipating further growth for the latter cryptocurrency.

This trend is also reflected in market dynamics, with Bitcoin’s dominance decreasing from 61% at the beginning of the month to 58.17%, as reported by TradingView. This indicates a shift in capital towards altcoins.

At the time of writing, Ethereum is trading around $4,592 after recently setting a new all-time high above $4,946.

Liu added that heightened volatility is likely in the short to medium term, and traders will keep a close eye on macroeconomic data, including U.S. unemployment claims due on August 28.

Recall that the cryptocurrency market reacted positively to the remarks of Federal Reserve Chair Jerome Powell, who hinted at a willingness to lower the key interest rate in September.