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| US Bitcoin ETFs Experience $237 Million Outflow: A 90-Day High Amidst Market Fluctuations Image credit: Pixabay |
Significant Outflow in Bitcoin ETFs
On August 2, the 12-spot Bitcoin Exchange Traded Funds (ETFs) in the United States witnessed a significant outflow of $237 million, marking the biggest single-day outflow in 90 days. The total daily outflow of $237.45 million was the highest since May 1, when the Bitcoin ETFs experienced an outflow of $563.77 million.
Detailed Outflow and Inflow Data
Data from Farside Investors UK highlighted that only Blackrock’s IBIT and Grayscale’s newly launched Bitcoin Mini Trust recorded inflows on the same day. Blackrock’s IBIT saw a net inflow of $43 million, while Grayscale’s Mini Trust managed a modest inflow of $9.88 million. However, these inflows were overshadowed by outflows from other funds.
Major Outflows Among ETFs
Fidelity’s FBTC led the outflows with a net outflow of $100 million. This was followed by Ark Invest and 21Shares' AKRB, which recorded a net outflow of $81 million. Grayscale’s GBTC saw an outflow of $45.9 million, with Bitwise’s BITB and VanEck’s HODL also experiencing outflows under $50 million. Five of the ETF products reported no activity for the day.
Overall Trading and Assets Data
According to data from SOSO Value, the total value traded for the 12 Bitcoin ETFs stood at $2.34 billion, with total net assets amounting to $57.20 billion. The gap between the recent outflow and the previous one on May 1 spans approximately 90 days, equating to 60 trading days.
Ethereum ETFs Also Face Outflows
The nine spot Ethereum ETFs in the United States also saw minimal activity, recording a net outflow of $54.3 million on the same day. Grayscale’s ETHE led the outflows with $61.4 million. Conversely, Fidelity’s FETH recorded an inflow of $6 million, and Franklin Templeton saw a small inflow of $1.1 million. The other ETF products, including Blackrock’s ETHA, showed no activity.
Trading Volume and Ethereum Prices
The total volume traded across the Ethereum ETFs was notably low at $438 million, compared to the $2.34 billion traded in Bitcoin ETFs. Ethereum’s price dropped by 2.6% in the last 24 hours, trading at $2,909, with a maximum price of $3,014 and a minimum of $2,868.
Key Insights
The substantial outflow from spot Bitcoin ETFs represents the highest single-day outflow since May 1 and the fourth largest since the ETFs were launched. Initially starting with 11 ETFs in January, the count has now increased to 12 following the recent launch of Grayscale’s Bitcoin Mini Trust. This trend underscores the fluctuating investor sentiment and market dynamics impacting Bitcoin and Ethereum ETFs.
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