U.S. Spot Bitcoin ETFs Experience Major Outflows

U.S. spot bitcoin exchange-traded funds (ETFs) experienced negative flows on Tuesday, continuing a downward trend.

According to data from SosoValue, the 12 spot bitcoin ETFs recorded net outflows of $287.78 million, the largest negative flows since May 1. Notably, BlackRock’s IBIT, the largest spot bitcoin ETF by net assets, recorded zero flows for the day.

Grayscale’s GBTC, the second-largest spot bitcoin ETF, saw $50.39 million leaving the fund, while Fidelity’s FBTC had the largest outflows with $162.26 million. Ark and 21Shares’ ARKB recorded 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 experienced modest outflows.

This significant outflow occurred amid a broader market selloff, with Wall Street dropping sharply on Tuesday due to weaker ISM data in the U.S. The August U.S. ISM manufacturing index came in at 47.2%, an increase of 0.4 percentage points from July.

The total trading volume for spot bitcoin ETFs was $1.56 billion on Tuesday, up from $1.54 billion last Friday, noting that the U.S. market was closed on Monday for a holiday.

Ether ETFs Also Experienced Outflows

Simultaneously, U.S. spot ether ETFs recorded net outflows of $47.4 million, marking the most significant daily negative flows since August 2.

The Grayscale Ethereum Trust (ETHE) was the only spot ether ETF to report outflows, with $52.31 million. In contrast, Fidelity’s FETH saw $4.91 million in net inflows, while seven other ether ETFs reported no flows. The daily trading volume for ether ETFs decreased to $163.5 million on Tuesday from $173.66 million last Friday.

As of the time of writing, bitcoin traded down 3.93% at $56,679 amid the broader market decline, while ether fell 5.44% to $2,377, according to The Block’s price page.