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Home»ADOPTION NEWS»Spot Bitcoin ETFs are on track for a seventh straight day of gains, with the highest single-day inflows since July, against Ether.
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Spot Bitcoin ETFs are on track for a seventh straight day of gains, with the highest single-day inflows since July, against Ether.

By Crypto FlexsAugust 24, 20242 Mins Read
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Spot Bitcoin ETFs are on track for a seventh straight day of gains, with the highest single-day inflows since July, against Ether.
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The total value of U.S.-based spot Bitcoin exchange-traded funds (ETFs) has reached a record high of about $58.4 billion so far in August, following a seventh straight day of positive inflows on Friday.

According to data from SoSoValue, Friday saw the highest inflows since the streak began, with $252 million being the largest net inflow in 32 days since July 22.

Unsurprisingly, BlackRock’s IBIT, the largest spot Bitcoin ETF by total asset value, saw the largest net inflows of around $87 million, extending its lead over other funds.

Fidelity’s FBTC saw inflows of $64 million, the second-highest total. Grayscale’s GBTC, the second-largest ETF by asset value, saw outflows of $35 million (the only fund to do so), while Bitcoin Mini Trust (BTC) took bronze with inflows of $50 million.

Bitwise’s BITB saw net inflows of $42 million, Ark and 21Shares’ ARKB saw $24 million in inflows into their funds, and VanEck’s HODL gained $14 million. Invesco’s BTCO and Valkyrie’s BRRR saw inflows of $3 million and $2 million, respectively, while the rest of the tradable funds saw little change.

Spot Ether ETF records 7-day outflows

Meanwhile, the spot ether ETF has seen net outflows for the seventh straight day, which is the opposite of Bitcoin’s rally. The fund lost $5.7 million on Friday, bringing outflows to nearly $99 million since the trend began on August 15.

Grayscale’s ETHE saw $9.8 million in outflows on Friday, taking its total to negative, while VanEck’s ETHV saw $2 million inflows and Bitwise’s ETHW saw net buys of $1.4 million. Fidelity’s FETH saw around $700,000, while the rest of the funds saw no significant changes in their holdings.

According to SoSoValue data, despite the outflows, the combined fund’s total net assets hit their highest level since August 2, driven by Ethereum price movements.


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, influential 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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