On August 2, the first joint outflows were recorded from spot Bitcoin and Ethereum exchange-traded funds (ETFs) in the United States.
Bitcoin ETF sees $237.4 million in outflows
The 11 U.S. spot Bitcoin (BTC) ETFs experienced a net outflow of $237.4 million at the close of trading on Friday, August 2. This is the largest outflow from these investment products since the $563.8 million outflow in early May.
Interestingly, the largest outflow that day was from the Fidelity Wise Origin Bitcoin Fund (FBTC), with $104.1 million in outflows, followed by Ark and 21Shares’ ARKB, with $87.7 million in outflows.
Grayscale’s GBTC followed suit, with $45.9 million in outflows yesterday. 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 see inflows yesterday, with $42.8 million and $9.9 million respectively. The rest of the spot BTC ETFs remained neutral.
Overall, the week ended on a negative note, with total withdrawals across all spot BTC ETFs totaling approximately $80.68 million.
According to SoSoValue data, the total daily trading volume of these financial instruments was $2.34 billion on Friday, August 2, down from $2.91 billion recorded on Thursday, August 1, but still significantly higher than the $1.37 billion recorded on Wednesday, July 31.
Ethereum ETF also records $54.3 million in outflows
Nine U.S. spot Ethereum (ETH) ETFs also saw net outflows of $54.3 million on August 2, with Grayscale’s ETHE seeing the largest outflow of $61.4 million.
Fidelity’s FETH and Franklin’s EZET were the only ETFs to see inflows of $6 million and $1.1 million respectively, which was significantly less than ETHE’s outflows and could not offset the overall losses. The remaining Ether ETFs saw no net inflows on the day.
Last week was an even tougher week for ETH ETFs, with significant withdrawals reaching $169.4 million over the last five trading days.
According to data from SoSoValue, the total daily volume of these spot Ethereum ETFs was $438.61 million on Friday, August 2. This is significantly higher than the $331.11 million recorded on Thursday, August 1, but still lower than the $472.5 million recorded on Wednesday, July 31.
The joint outflows from spot BTC and ETH ETFs on August 2nd are the first since the launch of nine spot Ether ETFs on July 23rd, a reversal from the situation on August 1st, when both products saw joint positive inflows.
Meanwhile, recent outflows from these investment products coincided with a 4.5% drop in the global cryptocurrency market cap over the past 24 hours, according to data from CoinGecko.
Bitcoin’s price is down 4.4% and is currently trading at $62,000. Meanwhile, Ethereum is down even more, at around $3,000, with a 5% drop.