US spot bitcoin ETFs see biggest single-day outflow in 90 days
Quick Take
- US spot bitcoin ETFs logged a daily net outflow of $237 million on Friday, the highest single-day outflow level since May 1 and the fourth highest since the launch of the ETFs in January.
- Spot ether ETFs also saw outflows, though the total outflow level was generally smaller than in recent days.
The 12 spot bitcoin exchange-traded funds in the US logged their biggest single-day outflow on Friday, August 2, since May 1, over 90 days ago (and over 60 trading days).
The total daily outflow level on August 2 was $237.45 million, the highest since May 1's $563.77 million outflows and the fourth highest single-day outflow since the launch of the spot bitcoin ETFs in January, according to SoSoValue data.
Grayscale's recently-launched Bitcoin Mini Trust (BTC) was one of only two ETFs to log an inflow, netting a modest $9.88 million in additional funds. BlackRock's IBIT, the other ETF on the positive side, saw inflows of nearly $43 million.
However, these inflows were offset by over $100 million in outflows from Fidelity's FBTC, about $81 million from Ark Invest and 21Shares’ ARKB, and sub-$5o million outflows from Grayscale's GBTC, Bitwise's BITB, and VanEck's HODL. The remaining five funds logged no change.
Though the single-day outflow figure was large, the total volume traded was hardly out of the ordinary, and the total net asset value of all the ETFs combined still remains near historical highs, though bitcoin's price has continued to slide toward the $60,000 mark.
Ether ETFs log modest outflows
While the nine spot ether ETFs currently on the US market logged a $54 million outflow on Friday, that sum is actually the smallest single-day outflow level seen during the short time these funds have been on the market thus far, according to SoSoValue data.
However, the total net assets held in the funds is currently at its all-time lowest level at $8.33 billion, a significant decrease from the maximum of $10.24 billion achieved on the first day of trading. The bulk of the outflows, $61 million, came from Grayscale's ETHE, which also brags the highest net asset value across the spot ether ETFs at $6 billion.
The total volume traded across the ether ETFs was also the second-lowest yet recorded on Friday, at $438 million, a far cry from the $2.34 billion traded on the bitcoin ETF side.
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