U.S. Bitcoin ETFs Experience August Outflows

Despite an eight-day streak of positive net inflows, U.S. spot bitcoin exchange-traded funds (ETFs) faced a decline in August, recording net outflows of approximately $94 million.

This amount is minor compared to fluctuations seen in a single day. According to data from SoSoValue, spot bitcoin ETFs earned over $250 million on August 23, marking their best performance, while the worst day was August 2, with losses hitting $237 million. As a result, total net assets of all commercially available bitcoin funds fell by $4.24 billion in August, bringing the total to approximately $53.8 billion.

The month featured an eight-day inflow streak before recent outflows culminated in a negative monthly net, including the first outflows reported by industry leader BlackRock’s IBIT fund since May. On the last trading day of the month, IBIT and most other funds recorded zero net inflow, while four funds experienced outflows.

The largest outflows originated from Grayscale’s GBTC, which saw $70 million in outflows on Friday, pushing cumulative outflows since the year began to nearly $20 billion. Other funds with outflows included ARK and 21Shares’ ARKB with $65 million, Bitwise’s BITB with $16 million, Fidelity’s FBTC with almost $13 million, and Invesco’s BTCO with $11 million, based on SoSoValue data.

Ethereum ETFs Experience Stagnation

On the other hand, Ethereum ETFs recorded no notable inflows or outflows on Friday for the first time. Though Ethereum ETFs enjoyed over $1 billion in trading during their initial two days in July, activity has significantly declined since then. Overall, these funds have tallied a cumulative net outflow of $477.25 million since their inception, according to SoSoValue data.

As of the end of the month, these funds possess nearly $7 billion in assets. Grayscale’s two funds, ETHE and ETH, are the largest, holding $5.4 billion. BlackRock’s ETHA ranks as the third-largest fund. Across all spot ether funds, weekly outflows totaled $12.6 million.