Bitcoin ETFs Suffer Third Consecutive Day of Outflows, Trading Volume Drops
Bitcoin ETFs– On August 29, the cryptocurrency market witnessed a notable trend as data from SoSoValue revealed that 12 spot Bitcoin exchange-traded funds (ETFs) recorded a combined $71.73 million in net outflows. This marks the third consecutive day of outflows, raising concerns among investors about the current state of the market.
Fidelity’s FBTC Leads the Pack with Major Outflows
Fidelity’s FBTC ETF led the outflows, with $31.1 million exiting the fund. This is the highest outflow recorded since August 6 and has sparked discussions about the stability of Bitcoin ETFs in the current market environment. The outflows have raised questions about whether investor confidence in Bitcoin ETFs is starting to waver.
Grayscale’s GBTC and BlackRock’s IBIT Follow Suit
Grayscale’s GBTC continued its streak of outflows, with $22.7 million leaving the fund. This brings the total outflows to date to a staggering $19.78 billion. Meanwhile, BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, recorded its first net outflows since May 1, amounting to $13.5 million. Despite these outflows, IBIT’s total net inflows remain robust at $20.91 billion, suggesting that while some investors are pulling back, others are still confident in the long-term potential of Bitcoin.
Other Bitcoin ETFs Also See Outflows
Other funds, including Bitwise’s BITB and Valkyrie’s BRRR, also experienced outflows, with $8.1 million and $1.7 million respectively leaving these ETFs. However, not all funds followed this trend. Ark and 21Shares’ ARKB ETF reported net inflows of $5.3 million, indicating that there is still some bullish sentiment in the market.
Bitcoin Trading Volume Drops Amid Outflows
The overall trading volume for the 12 spot Bitcoin ETFs fell to $1.64 billion on August 29, down from $2.18 billion the previous day. This decline in trading volume coincided with a slight dip in Bitcoin’s price, which was down 0.4%, trading at $59,342 at the time of writing, according to data from crypto.news.
Ethereum ETFs Also Hit by Negative Flows
The spot Ethereum ETFs in the U.S. weren’t spared from the negative trend. They recorded $1.77 million in net outflows on August 29, following modest inflows of $5.84 million the day before. Grayscale’s ETHE was the only spot Ethereum ETF to report outflows, losing $5.3 million. However, this was partially offset by $3.6 million in net inflows into the Grayscale Ethereum Mini Trust.
The total trading volume for the nine ETH ETFs dropped to $95.91 million on August 29, down from $151.57 million on August 28. Despite these outflows, Ethereum’s price was up 0.9%, trading at $2,529 at the time of publication.
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