Spot Bitcoin ETF inflows jumped 223%, crypto market corrects

Fidelity led the way for the second day in a row with $61.3 million inflows into its spot Bitcoin ETF Fidelity Bitcoin Fund. BlackRock’s IBIT followed with $20.4 million inflows after a day of inactivity.

The surge in activity comes after SoSoValue data showed that 12 U.S.-based spot Bitcoin (BTC) ETFs saw inflows of $36.01 million on Aug. 16. That’s a 223% increase from Aug. 15, when net inflows were $11.11 million.

Other notable inflows included $13.4 million into ARK 21Shares’ ARKB, $12 million into Bitwise’s BITB, and $1.7 million into Franklin Templeton’s EZBC.

These gains helped offset the $72.9 million outflow from Grayscale’s GBTC, which has seen a total outflow of $19.64 billion since its inception.

Grayscale’s Bitcoin Mini Trust ETF has seen no net outflows, maintaining a total net inflow of $288 million since launch. This stability in the mini trust contrasts with the challenges faced by the main Grayscale product.

The remaining four Bitcoin ETFs also remained neutral on August 16, when the cryptocurrency market was expecting a correction. Total spot BTC ETF inflows have now crossed the $17.3 billion mark.

Data from CoinGecko shows that global crypto market capitalization has fallen by 0.3% in the last 24 hours and currently stands at $2.17 trillion. Total 24-hour trading volume has also fallen by 24% to around $67.3 billion.

Bitcoin was trading at $59,228 at the time of writing, up 2% in the last 24 hours.

Ethereum ETFs Record $15 Million Outflow

Meanwhile, nine Ethereum ETFs saw a total of $15 million in outflows on August 16, marking the second consecutive day of outflows.

Leading the way in exits was Grayscale’s ETHE with $27.7 million in follow-on exits, contributing to a total exit of $2.41 billion since inception. VanEck also saw a $4.8 million withdrawal from its offering.

Meanwhile, Fidelity’s FETH and BlackRock’s ETHA recorded inflows of $10.3 million and $7.2 million respectively. The remaining five Ethereum ETFs saw no activity on the day.

Trading volume for Ether ETFs fell to $185 million, significantly lower than the previous day. These funds have experienced cumulative net outflows of $420.11 million year to date.

Ethereum (ETH) is up 0.9% over the last 24 hours and was trading at $2,604 at press time.