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.
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