Bitcoin ETFs log monthly loss, Ethereum ETFs are ignored after outflow streak
Quick Take
- Following the fourth straight day of net outflows on Friday, spot bitcoin exchange-traded funds based in the U.S. logged an overall net loss for the month of August, though a modest one at $94 million.
- Spot bitcoin ETFs have lost over $4 billion in total net asset value since the beginning of the month, largely due to bitcoin’s decline in price from its value at the start of August.
- Meanwhile, spot Ethereum ETFs logged their first day of no recorded inflows or outflows across all nine commercially-available funds.
Despite an eight-day streak of positive net inflows, U.S. spot bitcoin exchange-traded funds logged a red candle for the month of August, logging a total net outflow of about $94 million.
That sum is well within the bounds of a single good or bad day though, according to data from SoSoValue. Spot bitcoin ETFs netted over $250 million on Aug. 23, the best day for the funds this month, while the funds lost $237 million on their worst day, Aug. 2. Due to the declining price of bitcoin from its high earlier in the month, the total net assets held by all the commercially available bitcoin funds fell $4.24 billion in August to about $53.8 billion.
August saw the funds achieve an eight-day streak of net inflows before recent outflows, including the first outflows logged by industry leader BlackRock's IBIT fund since May, pushed the monthly net into the negative. On Friday, the last trading day of the month, IBIT and most other funds logged zero net inflow while four other funds logged outflows.
The biggest outflows came from Grayscale's GBTC, which saw $70 million worth of outflows on Friday, nearly reaching a $20 billion cumulative outflow since the start of the year. Also logging outflows were ARK and 21Shares' ARKB with $65 million, Bitwise's BITB with $16 million, Fidelity's FBTC with nearly $13 million, and Invesco's BTCO with $11 million, according to SoSoValue.
Ethereum ETFs see no net change
On the Ethereum side, the spot ether ETFs on Friday logged their first day of no notable inflows or outflows across the board. While spot ether ETFs logged over $1 billion worth of trading in their first two days of trading on the market back in July, volume has largely declined since then. The funds have logged a total cumulative net outflow of $477.25 million since inception, according to SoSoValue data.
The funds hold a total of just shy of $7 billion in assets as of the end of the month. Grayscale's two funds, ETHE and ETH, are the largest and hold $5.4 billion of that sum, with the other funds making up the rest of the total, BlackRock's ETHA being the third-largest. The weekly outflow was $12.6 million across all the spot ether funds.
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