U.S. Bitcoin ETF Activity

U.S. spot bitcoin exchange-traded funds (ETFs) experienced $61.98 million in daily net inflows on Monday, with a total trade volume of $779.87 million. This is the lowest trading volume since February 6 and the third lowest overall.

According to SoSoValue, this trading volume reflects a significant drop from $5.24 billion on August 6. Augustine Fan, Head of Insights at SOFA.org, noted that the low trading volume is expected due to diminished market sentiment since recent sell-offs. He mentioned that summer holidays and reducing recession concerns have led investors to await more information from the Federal Reserve’s Jackson Hole meeting later this week.

On Monday, BlackRock’s IBIT saw $92.68 million in net inflows, while Fidelity’s FBTC had $3.87 million. These inflows were offset by $25.72 million in net outflows from Bitwise’s spot bitcoin fund and $8.84 million in negative flows from Invesco’s BTCO.

Spot ether ETFs also reported the lowest daily trade volume since their debut, totaling around $124 million. The nine spot ether funds faced $13.52 million in net outflows, primarily due to Grayscale ETHE’s $20.30 million outflow. Grayscale’s Ethereum mini trust recorded small inflows of $4.92 million, while Bitwise’s ETHW added $1.87 million to its fund.

Fan indicated that traditional finance continues to be cautious with ETH ETF purchases due to uncertainty over staking legalities and issues affecting Solana ETF approvals.

Additionally, the U.S. Securities and Exchange Commission discussed concerns regarding Solana’s potential security status with prospective ETF issuers prior to Cboe BZX removing Solana ETF filings.

In market movements, the price of bitcoin rose 4.22% to $60,935, while ether increased 1.68% to $2,672. Fan commented that bitcoin remains range-bound around $60k, and ether continues to disappoint with low mainnet use compared to Layer 2 solutions.