Bitcoin and Ethereum ETFs Experience Combined Outflows for the First Time

Spot Bitcoin and Ethereum exchange-traded funds in the U.S. faced simultaneous outflows for the first time on August 2.

Bitcoin ETFs in the U.S. encountered a combined net outflow of $237.4 million by the end of the trading day on August 2. This outflow marked the largest withdrawal from these investment vehicles since May, when they experienced outflows of $563.8 million.

Notably, the Fidelity Wise Origin Bitcoin Fund (FBTC) saw the most significant outflows on that day, losing $104.1 million, followed by Ark and 21Shares’ ARKB with outflows of $87.7 million.

Grayscale’s GBTC continued its downward trend, experiencing outflows of $45.9 million. Bitwise’s BITB and VanEck’s HODL also faced outflows of $29.4 million and $23 million, respectively.

BlackRock’s IBIT and Grayscale’s newly launched Grayscale Bitcoin Mini Trust were the only Bitcoin ETFs that saw inflows on that day, with $42.8 million and $9.9 million, respectively. The other spot BTC ETFs remained neutral.

The overall week ended on a negative note, with total withdrawals from all spot BTC ETFs amounting to approximately $80.68 million.

According to data from SoSoValue, the total daily trading volume for these financial instruments was $2.34 billion on August 2, down from $2.91 billion on August 1 but still higher than the $1.37 billion recorded on July 31.

In a parallel trend, nine U.S. spot Ethereum ETFs recorded a net outflow of $54.3 million on August 2, led by Grayscale’s ETHE with outflows of $61.4 million.

Fidelity’s FETH and Franklin’s EZET were the only ETFs that saw inflows, with $6 million and $1.1 million, respectively. However, these inflows were insufficient to offset the overall losses. The remaining Ether ETFs did not experience any net flow on that day.

Over the past week, ETH ETFs faced significant withdrawals totaling $169.4 million over the last five trading days.

SoSoValue data reveals that the total daily trading volume for spot Ethereum ETFs was $438.61 million on August 2, higher than the $331.11 million on August 1 but lower than the $472.5 million on July 31.

The simultaneous outflows from spot BTC and ETH ETFs on August 2 marked a reversal from the scenario on August 1 when both ETF products saw joint positive inflows for the first time since the launch of the nine spot Ether ETFs on July 23.

The latest outflows from these investment products coincided with a 4.5% decline in the global cryptocurrency market cap over the last 24 hours, according to data from CoinGecko.

Bitcoin’s price dropped by 4.4% to $62,000, while Ethereum experienced a larger decline of 5% and is now trading at around $3,000.