Bitcoin and Ethereum ETFs in the US recorded combined outflows for the first time on August 2.
Bitcoin ETFs See $237.4 Million Outflows
The 11 U.S.-based Bitcoin (BTC) exchange-traded funds (ETFs) saw net outflows of $237.4 million at the end of trading on Friday, August 2. This is the largest outflow from these investment products since the beginning of May, when they saw outflows of $563.8 million.
Interestingly, the largest outflows on the day were from the Fidelity Wise Origin Bitcoin Fund (FBTC), which lost $104.1 million in outflows, followed by Ark and 21Shares’ ARKB with outflows of $87.7 million.
This was followed by Grayscale’s GBTC, which continued its downward movement, losing $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 fund and the recently launched Grayscale Bitcoin Mini Trust were the only two funds to see inflows of $42.8 million and $9.9 million, respectively, yesterday. The remaining spot BTC ETFs remained neutral.
Overall, the week ended in the red, with total withdrawals from all BTC ETFs at around $80.68 million.
According to SoSoValue DataTotal daily trading volume for these financial instruments was $2.34 billion on Friday, August 2, down from $2.91 billion recorded on Thursday, August 1, but still well above the $1.37 billion recorded on Wednesday, July 31.
Ethereum ETFs Also Record Outflows of $54.3 Million
The nine Ethereum (ETH) ETFs in the United States also recorded net outflows of $54.3 million on August 2, led by Grayscale’s ETHE fund with outflows of $61.4 million.
Fidelity’s FETH and Franklin’s EZET were the only funds to record inflows, with inflows of $6 million and $1.1 million respectively. These were significantly lower than ETHE’s outflows and were unable to offset the overall loss. The remaining Ether ETFs saw no net inflows on the day.
Last week was even more brutal for ETH ETFs, with massive withdrawals of $169.4 million over the past five days.
for every Data According to SoSoValue, the total daily trading volume of 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 combined outflows from the BTC and ETH ETFs on August 2 marked a shift from the scenario on August 1, when both ETF products saw combined positive inflows for the first time since the launch of the nine Ether ETFs on July 23.
Meanwhile, the latest 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 is down 4.4% and is now at $62,000. Meanwhile, Ethereum is down 5% and is trading at around $3,000.