Bitcoin ETFs attract $39.4m in inflows as Ether ETFs struggle with fifth consecutive day of outflows

Spot Bitcoin ETFs saw their third consecutive day of inflows this week, while spot Ether ETFs saw net outflows, adding to a five-day streak of negative flows.

According to SoSoValue data, 12 spot Bitcoin exchange-traded funds recorded net inflows of $39.42 million on August 21. This represents a 55% decrease from the net inflows of $88.06 million seen on August 20.

Grayscale’s mini Bitcoin trust led the way, reporting $14.2 million in inflows after three days of inactivity, followed by Fidelity’s FBTC and Bitwise’s BITB with $10.7 million and $10 million in inflows, respectively.

Spot Bitcoin ETF inflows/outflows as of August 21 | Source: SoSoValue

BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, saw inflows of $8.4 million on the day, bringing its total inflows to date to $20.5 billion. Meanwhile, Invesco Galaxy’s BTCO and Franklin Templeton’s EZBC reported more modest inflows of $2.5 million and $3.5 million, respectively.

These inflows were offset by Grayscale’s GBTC, which recorded $9.8 million in outflows, bringing its total outflows to $19.6 billion since launch. The remaining five BTC ETFs remained neutral.

Trading volume for BTC ETFs jumped to $1.42 billion on Aug. 21, up from the $1.35 billion seen on Aug. 20. These funds have recorded cumulative net inflows of $17.56 billion since inception. At press time, Bitcoin (BTC) was trading at $60,788, up 1.8% over the past day, according to data from crypto.news.

Bitwise CIO Matt Hougan emphasized that contrary to the popular belief that retail investors are behind the increase in Bitcoin ETF adoption, data shows a significant contribution from institutional investors.

By the end of Q2 2024, institutional ownership of US spot Bitcoin ETFs had risen to 24% despite a challenging market and falling Bitcoin prices, with major players such as Goldman Sachs and Morgan Stanley holding $412 million and $188 million worth of ETF shares.

Meanwhile, nine-point Ethereum ETFs saw a total of $17.97 million in outflows on August 21, marking the fifth consecutive day of outflows.

Grayscale’s ETHE once again led the way, with $31.1 million exiting the fund, bringing total outflows to $2.5 billion since its launch on July 23. Meanwhile, Fidelity’s FETH, Grayscale’s ETH, and Franklin Templeton’s EZET were the only bidders, recording inflows of $7.9 million, $4.2 million, and $1 million, respectively. The remaining five ETH ETFs saw no inflows on the day.

Daily trading volume for these investment vehicles rose to $201.03 million on August 21, a small jump from the previous day. Spot Ether ETFs have seen cumulative net outflows of $458.08 million year to date. At press time, Ethereum (ETH) was also up 1.3% at $2,633.