Spot Bitcoin ETFs net $88m in inflows, spot Ether ETFs outflows see slowdown

Spot Bitcoin ETFs experienced a second consecutive day of inflows this week, while spot Ether ETFs saw a decline in outflows during a 4-day streak of negative flows.

According to SoSoValue data, 12 spot Bitcoin exchange-traded funds recorded inflows of $88.06 million on August 21. This represents a 42% increase compared to net inflows seen on August 20.

BlackRock’s IBIT saw the highest inflows at $55.4 million, bringing its total inflows since launch to $20.53 billion. It was the only fund to record inflows for the second day in a row. ARK 21Shares’ ARKB followed with $51.9 million in inflows after a day of no activity.

These inflows were offset by Grayscale’s GBTC and Biwise’s BITB, which recorded outflows of $12.8 million and $6.5 million, respectively. Interestingly, the previous day marked the first day that GBTC saw no inflows. The remaining eight BTC ETFs remained neutral.

Spot Bitcoin ETF inflows/outflows as of August 20 | Source: SoSoValue

Trading volume for BTC ETFs jumped to $1.35 billion on Aug. 21, 73% higher than the $779 million seen the previous day. These funds have recorded cumulative net inflows of $17.52 billion since inception. At press time, Bitcoin (BTC) was trading down 1.7% at $59,842, according to data from crypto.news.

Institutional ownership of U.S. spot Bitcoin ETFs rose to 24% by the end of Q2 2024, despite a challenging market and falling Bitcoin prices. Major investors such as Goldman Sachs and Morgan Stanley hold $412 million and $188 million in ETF shares, respectively, though some of these assets are likely held on behalf of clients.

Ether ETFs continue to see continued outflows

In comparison, nine-point Ethereum ETFs saw a total of $6.49 million in outflows on August 21, marking the fourth consecutive day of outflows.

Grayscale’s ETHE once again led the outflows, with $37 million exiting the fund, bringing its total outflows to $1.47 billion since its launch on July 23. Meanwhile, BlackRock’s ETHA and Biwise’s ETHW were the only bidders, recording inflows of $26.8 million and $3.7 million. The remaining six ETH ETFs saw no inflows on the day.

Daily trading volume for these investment instruments jumped significantly from the previous day to $194.6 million. Spot Ether ETFs have seen cumulative net outflows of $440.11 million year to date. At press time, Ethereum (ETH) was also down 2.6% at $2,600.