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Home»ADOPTION NEWS»Bitcoin and Ethereum ETFs Fall to New Lows After Weeklong Downtrend
ADOPTION NEWS

Bitcoin and Ethereum ETFs Fall to New Lows After Weeklong Downtrend

By Crypto FlexsSeptember 7, 20243 Mins Read
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Bitcoin and Ethereum ETFs Fall to New Lows After Weeklong Downtrend
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After a week of weakness for many crypto tokens, with only three of the top 50 tokens by market cap seeing gains this week, the value of U.S.-based spot bitcoin and spot ethereum exchange-traded funds (ETFs) hit new multi-month lows, according to The Block’s pricing page.

On Friday, U.S. spot Bitcoin ETFs recorded outflows of about $170 million, bringing the total cumulative value of the 12 funds in the market to $48.24 billion. It was the first time in a month that the value fell below $50 billion and the lowest cumulative value since May 1. According to SoSoValue data, before that, you had to go back to the end of February to find similar numbers.

While industry leader BlackRock recorded no inflows or outflows from its IBIT fund, runner-up Grayscale’s GBTC saw outflows of $53 million and Fidelity’s FBTC saw outflows of $85 million, the largest on Friday. Bitwise’s BITB saw outflows of $14 million, Ark & 21Shares’ ARKB saw outflows of $7 million, while Grayscale’s BTC Mini Trust and Valkyrie’s BRRR both saw outflows of around $5 million.

The daily total of nearly $170 million in outflows represents the eighth consecutive trading day of outflows from spot Bitcoin funds.

Ethereum funds also fall

While the total asset value of spot Bitcoin funds hit a multi-month low, the same index of U.S.-based exchange-traded funds (ETFs) that trade ether fell to a record low of just $6.09 billion after $6 million in outflows, down about 41% from the fund’s first day of trading, which was $10.24 billion, according to SoSoValue data.

Only two funds recorded changes in their net asset value on Friday. Grayscale’s ETHE recorded outflows of $10 million, while Blackrock’s ETHA recorded inflows of $4.7 million. The net negative day continues a streak of six consecutive days of negative or zero outflows for Ethereum ETFs. The fund has seen outflows of about $91 million so far in September.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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