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The crypto market is facing a downturn as Bitcoin and Ethereum ETFs experience unprecedented outflows. Last week alone, over $1.2 billion was withdrawn from these funds globally. In the U.S., BlackRock’s IBIT and Fidelity’s FBTC saw significant losses, with nearly $700 million in outflows. This marks the longest consecutive decline since 2015. Ethereum ETFs also struggled, with over $189 million lost, highlighting a concerning trend. The funds are under pressure as Bitcoin and Ethereum struggle to maintain their price levels.
