Spot Bitcoin ETFs continue to suffer

As Bitcoin’s price has fallen since the beginning of the month, the total net assets held by all commercially available Bitcoin funds fell by $4.24 billion in August to about $53.8 billion.

In August, the funds hit an eight-day streak of net inflows before recent outflows, including the first outflows since May from industry leader BlackRock’s IBIT fund, pushed the monthly net worth into the negative. On Friday, the last trading day of the month, IBIT and most of the other funds saw zero net inflows, while four others saw outflows.

The biggest outflows came from Grayscale’s GBTC, which saw $70 million in outflows on Friday, bringing the cumulative outflow to almost $20 billion since the beginning of the year. Also, according to SoSoValue, ARK and 21Shares’ ARKB recorded outflows of $65 million, Bitwise’s BITB of $16 million, Fidelity’s FBTC of around $13 million, and Invesco’s BTCO of $11 million.