Spot Bitcoin ETFs see outflows of $105.19m, Ether ETFs break 9-day outflow streak

Spot Bitcoin exchange-traded funds in the US experienced their second consecutive day of outflows on August 28, while spot Ethereum ETFs broke a nine-day outflow streak.

According to data from SoSoValue, 12 spot Bitcoin ETFs recorded net outflows of $105.19 million, with ARK 21Shares ARKB leading for the second day in a row, with $59.3 million exiting the fund. The investment product saw a larger outflow of $102 million the day before.

Fidelity’s FBTC reported net outflows of $10.4 million, while VanEck’s HODL saw outflows of $10.1 million. Meanwhile, Bitwise’s BITB and Grayscale Bitcoin Mini Trust witnessed negative flows of $8.7 million and $8.8 million, respectively.

Grayscale’s GBTC saw its smallest outflow of $8 million per day — the lowest withdrawal since mid-July. However, its total outflows to date have reached $19.75 billion.

Grayscale has seen more than 60% of its Bitcoin holdings in GBTC fall since the fund was converted to an ETF, according to Coinglass data. Once the largest Bitcoin ETF, the fund has been overtaken by BlackRock’s IBIT, which became the top fund just five months after its launch. IBIT continues to dominate the Bitcoin ETF market, holding about 357,736 BTC worth about $22.2 billion.

The remaining six BTC ETFs remained neutral during the day, with no inflows for the second day in a row.

At press time, Bitcoin (BTC) was trading at $59,640, up 0.3% in the past day, according to data from crypto.news.

Spot Ether ETFs Break 9-Day Highs

Meanwhile, nine spot Ethereum ETFs saw a total of $5.84 million in inflows on August 28, which came after nine days of outflows.

BlackRock’s ETHA and Fidelity’s FETH were the only funds to report inflows of $8.4 million and $1.3 million, respectively. These inflows were offset by Grayscale’s ETHE, which recorded outflows of $3.8 million, bringing its total outflows since launch to $2.55 billion.

The daily trading volume of these investment vehicles also increased from the previous day on August 28, reaching $151.5 million. Spot Ether ETFs have seen cumulative net outflows of $475.48 million to date. At press time, Ethereum (ETH) also changed hands, up 3.5% at $2,544.