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Home»ADOPTION NEWS»US Spot Bitcoin ETF Hits Lowest Daily Volume Since Early February
ADOPTION NEWS

US Spot Bitcoin ETF Hits Lowest Daily Volume Since Early February

By Crypto FlexsAugust 20, 20243 Mins Read
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US Spot Bitcoin ETF Hits Lowest Daily Volume Since Early February
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The U.S. spot Bitcoin exchange-traded fund (ETF) recorded a daily net inflow of $61.98 million on Monday, out of a total daily volume of $779.87 million. This was the lowest daily volume since February 6 and the third-lowest daily volume overall.

According to SoSoValue data, yesterday’s volume was significantly down from the daily volume of $5.24 billion on August 6.

“We expect volume to remain low as sentiment remains subdued after the massive selloff a few weeks ago,” Augustine Fan, director of insights at SOFA.org, told The Block. “It’s also worth noting that investors should be awaiting further signals from the Federal Reserve’s Jackson Hole meeting later this week, as summer vacations and recent data have eased concerns about an impending recession.”

On Monday, BlackRock’s IBIT saw net inflows of $92.68 million, while Fidelity’s FBTC saw $3.87 million. The inflows were offset by net outflows of $25.72 million from Bitwise’s spot Bitcoin fund, while Invesco’s BTCO saw negative inflows of $8.84 million.

Spot Ether ETFs saw their lowest daily volume since their debut, at around $124 million. Nine spot Ether funds had net outflows of $13.52 million, led by Grayscale ETHE’s $20.3 million outflow. Grayscale’s Ethereum Mini Trust saw a small net inflow of $4.92 million, while Bitwise’s ETHW added $1.87 million to the fund.

“TradFi continues to be cautious about purchasing ETH ETFs due to the lack of clarity around staking legality and various ETF issues that have led to the delisting of the Solana ETF in the past few days,” Fan told The Block.

block Reported on Monday The SEC reportedly discussed concerns with potential Solana ETF issuers that Solana could qualify as a security ahead of Cboe BZX’s withdrawal of its Solana ETF 19b-4 application.

Meanwhile, Bitcoin price rose 4.22% over the past 24 hours to $60,935, while Ether rose 1.68% to $2,672. The Block’s Cryptocurrency Price Page.

“BTC remains range bound near 60k as supply sell-off fears weigh on prices against better macro sentiment,” Fan added. “ETH, on the other hand, is looking disappointing across the board due to fundamental issues such as low mainnet usage relative to L2.”


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. Current financial disclosures are as follows:

© 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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