Spot bitcoin ETFs record largest outflows since early September
Quick Take
- U.S. spot bitcoin ETFs recorded $242.53 million in net outflows on Tuesday.
- Bitcoin fell 3.47% to trade at $61,446.
- Ether slid 5.89% to change hands at $2,480.
Spot bitcoin exchange-traded funds in the United States saw $242.53 million leave the products on Tuesday — marking their largest daily net outflows since Sept. 3 and ending an eight-day streak of positive flows.
Fidelity’s FBTC recorded the largest net outflows among spot bitcoin ETFs, with $144.67 million exiting the fund, according to SoSoValue data. Ark and 21Shares’ ARKB followed, with net outflows of $84.35 million, representing the fund's largest outflows since Aug. 27. Bitwise’s BITB reported net outflows of $32.7 million and VanEck’s logged $15.75 million in net outflows. Grayscale’s GBTC, the second largest spot bitcoin ETF by net assets, recorded $5.9 million in net outflows.
BlackRock’s IBIT, the largest spot bitcoin ETF, was the only one among these 12 ETFs to record positive flows — with $40.84 million flowing into the product.
The total trading volume of these spot bitcoin ETFs amounted to $2.53 billion on Tuesday, up from $1.37 million on Monday.
Bitcoin slid 3.47% over the past 24 hours to trade at $61,446 at the time of writing, while ether fell 5.89% to change hands at $2,480, according to The Block’s price page.
Ether ETFs also experienced outflows
Spot Ethereum ETFs in the U.S. recorded $48.52 million in net outflows on Tuesday.
The Grayscale Ethereum Trust led the outflows with $26.64 million, while Fidelity’s FETH reported outflows of $24.97 million — its largest daily net outflows on record. Bitwise’s ETHW also saw $895,650 in net outflows.
VanEck’s ETHV logged net inflows of $2.74 million, and 21Shares’ CETH saw inflows of $1.25 million. The four other spot ether ETFs saw zero flows.
The nine spot ether ETFs’ trading volume reached $290.81 million on Tuesday, up from $149.14 million on Monday.
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.