US spot Bitcoin, Ethereum ETFs record joint outflows for first time

Spot Bitcoin and Ethereum exchange-traded funds in the U.S. recorded joint outflows for the first time on Aug. 2.

Bitcoin ETFs see outflows of $237.4m

The 11 spot Bitcoin (BTC) ETFs in the U.S. experienced a net outflow of $237.4 million at the end of the trading day on Friday, Aug. 2. This is the largest outflow from these investment products since the beginning of May when they experienced $563.8 million in outflows.

Bitcoin ETF Flow (US$ million) – 2024-08-02

TOTAL NET FLOW: -237.4
(Provisional data)

IBIT: 42.8
FBTC: -104.1
BITB: -29.4
ARKB: -87.7
BTCO: 0
EZBC: 0
BRRR: 0
HODL: -23
BTCW: 0
GBTC: -45.9
BTC: 9.9

For all the data & disclaimers visit:https://t.co/4ISlrCgZdk

— Farside Investors (@FarsideUK) August 3, 2024

Interestingly, the largest outflows on that day were seen by the Fidelity Wise Origin Bitcoin Fund (FBTC), losing $104.1 million in outflows, followed by Ark and 21Shares’ ARKB with $87.7 million in outflows.

This was followed by Grayscale’s GBTC, which continued its downward movements, losing $45.9 million in outflows yesterday. Bitwise’s BITB and VanEck’s HODL also saw $29.4 million and $23 million in outflows, respectively.

BlackRock’s IBIT and Grayscale’s newly launched Grayscale Bitcoin Mini Trust were the only Bitcoin ETFs to experience inflows yesterday of $42.8 million and $9.9 million, respectively. The remaining spot BTC ETFs remained neutral.

Overall, the week ended negatively, with total withdrawals from all spot BTC ETFs at approximately $80.68 million.

According to SoSoValue data, the total daily trading volume for these financial instruments was $2.34 billion on Friday, Aug. 2, down from $2.91 billion recorded on Thursday, Aug. 1, but still much higher than the $1.37 billion recorded on Wednesday, July 31.

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Ethereum ETFs also log outflows of $54.3m

The nine U.S. spot Ethereum (ETH) ETFs also recorded a net outflow of $54.3 million on Aug. 2, led by Grayscale’s ETHE with $61.4 million in outflows.

Ethereum ETF Flow (US$ million) – 2024-08-02

TOTAL NET FLOW: -54.3
(Provisional data)

ETHA: 0
FETH: 6
ETHW: 0
CETH: 0
ETHV: 0
QETH: 0
EZET: 1.1
ETHE: -61.4
ETH: 0

For all the data & disclaimers visit:https://t.co/HfqQHgwr3Z

— Farside Investors (@FarsideUK) August 3, 2024

Fidelity’s FETH and Franklin’s EZET were the only ETFs to record inflows, at $6 million and $1.1 million, respectively. These were significantly less than ETHE’s outflows and could not offset the overall loss. The remaining Ether ETFs saw no net flow on that day.

The past week was even harsher for ETH ETFs, with substantial withdrawals of $169.4 million over the last five trading days.

Per data from SoSoValue, the total daily trading volume for these spot Ethereum ETFs was $438.61 million on Friday, Aug. 2. That’s much higher than the $331.11 million recorded on Thursday, Aug. 1, but still lower than $472.5 million on Wednesday, July 31.

The joint outflows from spot BTC and ETH ETFs on Aug. 2 marked a flip from the scenario on Aug. 1, when both ETF products saw joint positive inflows for the first time since the launch of the nine spot Ether ETFs on July 23.

Meanwhile, the latest outflows from these investment products coincided with a 4.5% drop in the global cryptocurrency market cap over the last 24 hours, according to data from CoinGecko.

Bitcoin’s price decreased by 4.4% and is now priced at $62,000. Meanwhile, Ethereum saw a larger decline of 5% and is trading at approximately $3,000.

Read more: Bitcoin ETFs hold inflows by string, Ethereum’s outflows start again

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