Despite eight consecutive days of net inflows, U.S. spot Bitcoin exchange-traded funds (ETFs) recorded a net outflow of around $94 million in August, marking a decline.
According to SoSoValue data, the amounts are within the range of a good day or a bad day. Spot Bitcoin ETFs net bought more than $250 million on August 23, the fund’s best day of the month, while the fund lost $237 million on August 2, its worst day. As the price of Bitcoin fell from its highs earlier this month, the total net assets held by all commercially available Bitcoin funds fell by $4.24 billion in August, to about $53.8 billion.
In August, after eight consecutive days of net inflows, the fund recently experienced outflows, with industry leader BlackRock’s IBIT fund recording its first outflow since May, sending monthly net inflows into negative territory. On Friday, the last trading day of the month, IBIT and most other funds recorded no net inflows, while four other funds recorded outflows.
The biggest outflow came from Grayscale’s GBTC, which lost $70 million on Friday, bringing cumulative outflows since the start of the year to nearly $20 billion. ARK and 21Shares’ ARKB saw outflows of $65 million, Bitwise’s BITB saw outflows of $16 million, Fidelity’s FBTC saw outflows of around $13 million, and Invesco’s BTCO saw outflows of $11 million, according to SoSoValue.
Ethereum ETF No Net Change
On the Ethereum side, the Spot Ether ETF had its first day without any significant inflows or outflows overall on Friday. The Spot Ether ETF recorded over $1 billion in trades on its first two days on the market in July, but volumes have since declined significantly. According to SoSoValue data, the fund has had a cumulative net outflow of $477.25 million since inception.
The fund held just under $7 billion in total assets as of the end of the month. Grayscale’s two funds, ETHE and ETH, are the largest, holding $5.4 billion, with the remainder held by other funds, with BlackRock’s ETHA the third largest. Weekly outflows from all spot ether funds were $12.6 million.
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