Bitcoin, Ethereum ETFs record joint outflows for first time

In the US, spot Bitcoin and Ethereum exchange-traded funds experienced their first joint outflows on August 2.

Bitcoin ETFs see $237.4 million outflow

The 11 spot Bitcoin (BTC) ETFs in the U.S. saw net outflows of $237.4 million by the end of the trading day on Friday, August 2. This was the largest outflow for these investment products since the $563.8 million outflow at the beginning of May.

Bitcoin ETF Flow (million USD) – 2024-08-02

TOTAL NET FLOW: -237.4
(Temporary data)

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

For full data and disclaimers, visit: https://t.co/4ISlrCgZdk

— Farside Investors (@FarsideUK) August 3, 2024

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

This was followed by Grayscale’s GBTC, which continued its downward movements yesterday with an outflow loss of $45.9 million, while Bitwise’s BITB and VanEck’s HODL also saw outflows of $29.4 million and $23 million, respectively.

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

The week ended on a negative note overall, with total withdrawals from all spot BTC ETFs reaching approximately $80.68 million.

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

Ethereum ETFs also recorded $54.3 million in outflows

Nine spot Ethereum (ETH) ETFs in the US also saw net outflows of $54.3 million on August 2, led by Grayscale’s ETHE with $61.4 million in outflows.

Ethereum ETF Flow (million USD) – 2024-08-02

TOTAL NET FLOW: -54.3
(Temporary data)

ETA: 0
CONQUEST: 6
ETHW: 0
CETH: 0
ETHV: 0
QUESTION: 0
EZET: 1.1
ETH: -61.4
ETH: 0

For full data and disclaimers, visit: https://t.co/HfqQHgwr3Z

— Farside Investors (@FarsideUK) August 3, 2024

Fidelity’s FETH and Franklin’s EZET were the only ETFs to see inflows of $6 million and $1.1 million, respectively. These were significantly less than ETHE’s outflows and failed to offset the overall loss. The remaining Ether ETFs saw no net flows that day.

The past week has been even tougher for ETH ETFs, with a significant $169.4 million worth of withdrawals in the last five trading days.

According to data from SoSoValue, the total daily trading volume of such spot Ethereum ETFs was $438.61 million on Friday, August 2. This is much higher than the $331.11 million recorded on Thursday, August 1, but still lower than the $472.5 million recorded on Wednesday, July 31.

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

Meanwhile, the latest outflows from the said investment products coincided with a 4.5% drop in global cryptocurrency market value in the past 24 hours, according to data from CoinGecko.

Bitcoin’s price is down 4.4% and is currently trading at $62,000. Meanwhile, Ethereum saw a bigger drop of 5% and is trading at around $3,000.