Spot Bitcoin ETFs see outflows of $127m led by ARKB’s largest negative flow to date

Spot Bitcoin exchange-traded funds in the US saw a net outflow of $127.05 million on August 28, led by ARK 21Shares’ ARKB.

Data from SoSoValue shows that 12 U.S. spot Bitcoin exchange-traded funds experienced net outflows on Aug. 28, breaking an eight-day streak of positive inflows. During that eight-day period, these funds attracted $756 million in inflows.

On Tuesday, US spot Bitcoin funds saw net outflows of $127.05 million. Notably, ARK 21Shares’ ARKB led the outflows with $101.97 million in negative flows — its largest outflow to date, according to SoSoValue’s data. Grayscale’s GBTC reported net outflows of $18.32 million, while Bitwise’s BITB saw outflows of $6.76 million. Valkyrie’s BRRR was not updated at the time of writing.

Spot Bitcoin ETFs in/out | Source: SoSoValue

Meanwhile, the remaining eight funds, including BlackRock’s IBIT, saw no inflows on the day. Excluding BRRR, total trading volume for U.S. spot Bitcoin funds reached $1.2 billion. Since January, these funds have seen a combined net inflow of $17.95 billion.

At the same time, developments are occurring in the general market that could affect investor behavior.

Nasdaq has filed with the U.S. Securities and Exchange Commission to list Bitcoin Index Options, which will track the price of Bitcoin via the CME CF Bitcoin Realtime Index. The move, which is pending regulatory approval, aims to improve market transparency and give investors better tools to manage and hedge their crypto positions.

CME Group also plans to launch smaller-sized Bitcoin futures contracts that could appeal to retail investors.

At press time, Bitcoin (BTC) was trading at $59,160, down 5.8% in the past day, according to data from crypto.news.

Ether ETFs continue to record gains

Meanwhile, the nine-point Ethereum ETFs saw a significant drop in outflows overall, reaching $3.45 million on August 28. This was the ninth consecutive day of outflows.

Grayscale’s ETHE once again led the outflows, with $9.2 million exiting the fund and bringing total outflows to $2.55 billion since its launch on July 23. Meanwhile, Fidelity’s FETH and Bitwise’s ETHW were the only bidders, recording inflows of $3.9 million and $1.9 million, respectively. The remaining six ETH ETFs saw no inflows on the day.

The daily trading volume of these investment vehicles also increased from the previous day on August 28, reaching $129.9 million. Spot Ether ETFs have seen cumulative net outflows of $481.32 million to date. At press time, Ethereum (ETH) also changed hands, down 8% at $2,463.