US spot bitcoin ETFs see $287 million in net outflows, largest negative flows since May
Quick Take
- On Tuesday, spot bitcoin ETFs in the U.S. recorded $287.78 million in net outflows.
- Bitcoin traded down 3.93% over the past 24 hours at $56,680 at the time of writing.
U.S. spot bitcoin exchange-traded funds continued their streak of negative flows on Tuesday.
According to data from SosoValue, the 12 spot bitcoin ETFs recorded net outflows of $287.78 million on Tuesday, the largest negative flows since May 1. BlackRock’s IBIT, the largest spot bitcoin ETF by net assets, logged zero flows for the day.
Grayscale’s GBTC, the second-largest spot bitcoin ETF, saw $50.39 million leave the fund, while Fidelity’s FBTC recorded the largest outflows, with $162.26 million.
Ark and 21Shares’ ARKB logged outflows of $33.6 million, and Bitwise’s BITB reported $24.96 million in net outflows. Several other ETFs managed by VanEck, Valkyrie, Invesco and Franklin Templeton also saw modest outflows.
The significant outflows came amid a market selloff, with Wall Street plummeting on Tuesday on weaker ISM data in the U.S. The U.S. ISM manufacturing index for August came in at 47.2%, up 0.4 percentage points from July.
The total trading volume for the spot bitcoin ETFs amounted to $1.56 billion on Tuesday, compared to $1.54 billion last Friday. The U.S. market was closed on Monday for a holiday.
Ether ETFs also experienced outflows
Meanwhile, spot ether ETFs in the U.S. recorded net outflows of $47.4 million on Tuesday, the most significant daily negative flows since August 2.
The Grayscale Ethereum Trust (ETHE) was the only spot ether ETF to report outflows for the day, with $52.31 million. Fidelity’s FETH logged $4.91 million in net inflows. Seven other spot ether ETFs saw no flows. The daily trading volume of these ether ETFs shrank to $163.5 million on Tuesday from $173.66 million last Friday.
Bitcoin traded down 3.93% over the past 24 hours at $56,679 at the time of writing amid a broader market selloff, while ether slid 5.44% to $2,377, according to The Block’s price page.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.