In recent market developments, U.S. spot Bitcoin exchange-traded funds (ETFs) experienced significant outflows, totaling $105.19 million on August 28, 2024. This marks the second consecutive day of withdrawals for Bitcoin ETFs. Conversely, Ethereum ETFs ended a nine-day streak of outflows with a modest inflow.
Bitcoin ETF Outflows
Data from SoSoValue reveals that the 12 spot Bitcoin ETFs collectively saw substantial net outflows, led by ARK 21Shares ARKB, which recorded $59.3 million in withdrawals. This follows a substantial outflow of $102 million the previous day. Fidelity’s FBTC and VanEck’s HODL also reported notable outflows of $10.4 million and $10.1 million, respectively.
Other ETFs, including Bitwise’s BITB and Grayscale Bitcoin Mini Trust, saw outflows of $8.7 million and $8.8 million. Grayscale’s GBTC, despite experiencing its smallest outflow of $8 million since mid-July, has accumulated a total of $19.75 billion in outflows to date. Since its conversion into an ETF, Grayscale has seen a reduction of over 60% in its Bitcoin holdings, with BlackRock’s IBIT now leading the market. IBIT, which launched five months ago, currently holds approximately 357,736 BTC, valued at around $22.2 billion.
Ether ETF Inflows
In contrast to Bitcoin ETFs, spot Ethereum ETFs saw inflows of $5.84 million on August 28, breaking a nine-day outflow streak. BlackRock’s ETHA and Fidelity’s FETH led the gains with inflows of $8.4 million and $1.3 million, respectively. However, Grayscale’s ETHE recorded outflows of $3.8 million, pushing its total outflows since inception to $2.55 billion.
The trading volume for spot Ether ETFs rose to $151.5 million on August 28, reflecting an increase from the previous day. Despite a cumulative net outflow of $475.48 million to date, Ethereum showed a positive price movement, trading up 3.5% at $2,544.
As Bitcoin and Ethereum navigate these fluctuating ETF flows, market participants remain vigilant about ongoing trends and potential implications for future investment strategies.
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