Spot Bitcoin ETFs Experience Continued Outflows

Spot bitcoin exchange-traded funds in the U.S. witnessed $211.15 million in net outflows on Thursday, marking the seventh consecutive day of negative flows.

Fidelity’s FBTC experienced the largest outflow among spot bitcoin ETFs, totaling $149.49 million, with data from SoSoValue indicating that Bitwise’s BITB followed with $30 million in net outflows. Grayscale’s GBTC and mini trust also reported outflows, with GBTC seeing $23.22 million and the mini trust $8.45 million.

No funds recorded net inflows yesterday, while the other eight funds, including BlackRock’s IBIT, logged zero flows for the day.

The total daily trading volume for the 12 ETFs decreased to $1.35 billion, down from $1.41 billion on Wednesday. Since their launch in January, spot bitcoin funds have accumulated total net inflows of $17.06 billion.

Ether ETFs Show Minor Changes

Spot Ethereum ETFs in the U.S. experienced relatively minor fund movements, recording approximately $152,720 in net outflows on Thursday.

Net flows were noticed only in Grayscale’s two ether funds: ETHE reported $7.39 million in net outflows, while the Ethereum Mini Trust recorded $7.24 million in net inflows. The remaining seven ETFs experienced zero flows on Thursday.

The trading volume for ether funds also fell to $108.59 million on Thursday, compared to $145.86 million the previous day. Since their listing in July, these funds have seen a total of $562.31 million in net outflows.

As global markets await the release of the latest U.S. non-farm payroll data on Friday, a key indicator of the nation’s economic health, Augustine Fan, head of insights at SOFA.org, remarked that, “The reaction to NFP will be nuanced and dependent on details.” He added that the ideal scenario for equities and BTC would involve a number that is weak enough not to raise recession concerns but strong enough to reflect a stable economic trajectory.

In the last 24 hours, the price of bitcoin fell by 0.91% to trade at $56,665, while ether dipped by 0.8% to $2,392, according to The Block’s crypto price page.