Bearish Trends in Crypto Funds

After a bearish week for many crypto tokens—only three of the top 50 tokens by market cap gained—the value of U.S.-based spot bitcoin and Ethereum ETFs has reached multi-month lows.

On Friday, U.S. spot Bitcoin ETFs recorded nearly $170 million in outflows, dropping the total value of the 12 funds to $48.24 billion. This marks the first time in a month that the value has fallen below $50 billion, the lowest since May 1. Previous lows date back to the end of February, according to SoSoValue data.

Industry leader BlackRock reported no inflows or outflows for its IBIT fund, while Grayscale’s GBTC experienced a $53 million outflow and Fidelity’s FBTC saw $85 million in outflows—its largest for Friday. Bitwise’s BITB had $14 million in outflows, and Ark & 21Shares ARKB saw $7 million. Grayscale’s BTC Mini Trust and Valkyrie’s BRRR logged about $5 million in outflows.

This daily total of approximately $170 million marks the eighth consecutive day of outflows for spot Bitcoin funds.

Ethereum Funds also Decline

Conversely, the total asset value of U.S.-based Ethereum ETFs fell to a record low of $6.09 billion after $6 million in outflows, reflecting a 41% drop since the first trading day when it was valued at $10.24 billion, per SoSoValue data.

Only two funds adjusted their net asset value on Friday: Grayscale’s ETHE saw $10 million in outflows, while Blackrock’s ETHA noted $4.7 million in inflows. This continues a streak of six days with negative or zero outflows for Ethereum ETFs, which have experienced around $91 million in outflows this September.