Spot Bitcoin and Ethereum exchange-traded funds (ETFs) in the U.S. recorded joint outflows for the first time on Aug. 2.

Bitcoin ETFs See Outflows of $237.4 Million

The 11 spot Bitcoin ETFs in the U.S. experienced a net outflow of $237.4 million at the end of the trading day on Friday, Aug. 2. This marks the largest outflow from these investment products since early May, which saw $563.8 million in outflows.

Bitcoin ETF Flow (US$ million) – 2024-08-02

TOTAL NET FLOW: -237.4

IBIT: 42.8

FBTC: -104.1

BITB: -29.4

ARKB: -87.7

BTCO: 0

EZBC: 0

BRRR: 0

HODL: -23

BTCW: 0

GBTC: -45.9

BTC: 9.9

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

Grayscale’s GBTC continued its trend downward, losing $45.9 million in outflows. 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 experience inflows yesterday, with $42.8 million and $9.9 million, respectively. The remaining spot BTC ETFs remained neutral.

Overall, the week ended negatively, with total withdrawals from all spot BTC ETFs approximately $80.68 million.

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

Ethereum ETFs Also Log Outflows of $54.3 Million

The nine U.S. spot Ethereum ETFs also recorded a net outflow of $54.3 million on Aug. 2, led by Grayscale’s ETHE with $61.4 million in outflows.

Ethereum ETF Flow (US$ million) – 2024-08-02

TOTAL NET FLOW: -54.3

ETHA: 0

FETH: 6

ETHW: 0

CETH: 0

ETHV: 0

QETH: 0

EZET: 1.1

ETHE: -61.4

ETH: 0

Fidelity’s FETH and Franklin’s EZET were the only ETFs to record inflows, at $6 million and $1.1 million, respectively. These were significantly less than ETHE’s outflows and could not offset the overall loss. The remaining Ether ETFs saw no net flow on that day.

The past week was even harsher for ETH ETFs, with substantial withdrawals of $169.4 million over the last five trading days.

Per data from SoSoValue, the total daily trading volume for these spot Ethereum ETFs was $438.61 million on Friday, Aug. 2. This is higher than the $331.11 million recorded on Thursday, Aug. 1, but still lower than $472.5 million on Wednesday, July 31.

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

The latest outflows from these investment products coincided with a 4.5% drop in the global cryptocurrency market cap over the last 24 hours, according to CoinGecko data.

Bitcoin’s price decreased by 4.4% and is now priced at $62,000. Meanwhile, Ethereum saw a larger decline of 5% and is trading at approximately $3,000.

For more updates on cryptocurrency trends and investment opportunities, keep exploring Global Crypto News.

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