The cryptocurrency exchange-traded funds (ETFs) in the United States experienced a significant shakeup on Friday, August 2. Data from SoSoValue shows that the 12 spot Bitcoin ETFs had their highest single-day outflow in over 90 days—a startling $237.45 million in withdrawals.
This marks the highest outflow since the $563.77 million seen on May 1 and ranks as the fourth-largest single-day outflow since the inception of these ETFs in January.
Bitcoin ETFs Outflows
The spotlight on this day was on Grayscale’s recently launched Bitcoin Mini Trust, one of only two ETFs to log positive inflows. The Mini Trust managed to attract an additional $9.88 million, a modest yet noteworthy figure in a day dominated by outflows. Joining Grayscale in the positive territory was BlackRock’s IBIT, which saw inflows nearing $43 million.
Still, significant outflows from a few other ETFs dwarfs this inflows. While Ark Invest and 21Shares saw over $81 million taken out, Fidelity’s FBTC alone saw a notable outflow of over $100 million. Other notable outflows included Grayscale’s GBTC, Bitwise’s BITB, and VanEck’s HODL, each seeing less than $50 million in withdrawals. The remaining five funds recorded no change, highlighting a day of mixed fortunes for Bitcoin ETFs.
Despite the large outflows, the overall trading volume on this day was not extraordinary. The combined net asset value of all Bitcoin ETFs remains near historical highs, although Bitcoin’s price has been on a downward trend, inching closer to the $60,000 mark. This indicates that while there is notable movement within these funds, the broader market still holds significant value in these investment vehicles.
Ether ETFs Scenery
In a related sector, Ether ETFs have also been experiencing fluctuations. Approved for trading by the SEC in late July, the nine spot Ether ETFs in the U.S. logged a combined outflow of $54 million on the same Friday. This amount, while substantial, is the smallest single-day outflow these funds have seen since they entered the market. However, the total net assets of these funds have reached an all-time low of $8.33 billion, a sharp drop from the $10.24 billion recorded on their first trading day.
The bulk of the Ether ETF outflows came from Grayscale’s ETHE, which saw $61 million withdrawn. Despite this, ETHE still boasts the highest net asset value among spot Ether ETFs, standing at $6 billion. The trading volume for Ether ETFs was the second-lowest recorded on Friday, amounting to $438 million, significantly lower than the $2.34 billion traded in Bitcoin ETFs.
Market Movement
These movements within Bitcoin and Ether ETFs reflect the ongoing volatility and investor sentiment within the cryptocurrency market.
Over seven days, Bitcoin has lost more than twelve percent. Right now, the cryptocurrency is trading below the $60,000 level. Ether has likewise dropped significantly by 5% during the past 24 hours.
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