Spot Bitcoin ETFs See $105M Outflows, Ethereum Reverses Trend

Spot Bitcoin exchange-traded funds (ETFs) in the United States experienced their second consecutive day of outflows on August 28, whereas spot Ethereum ETFs reversed a nine-day outflow streak.

According to data from SoSoValue, the 12 spot Bitcoin ETFs registered a combined net outflow of $105.19 million. Leading the exodus was ARK 21Shares ARKB, which saw $59.3 million in outflows, marking the second day in a row of significant withdrawals. The fund had experienced an even larger outflow of $102 million the previous day.

Fidelity’s FBTC reported outflows totaling $10.4 million, while VanEck’s HODL witnessed $10.1 million in outflows. Additionally, Bitwise’s BITB and Grayscale Bitcoin Mini Trust experienced negative flows of $8.7 million and $8.8 million, respectively.

Grayscale’s GBTC recorded the smallest outflows of $8 million, its lowest since mid-July, bringing its total outflows to date to $19.75 billion. Data from Coinglass indicates that more than 60% of GBTC’s Bitcoin holdings have been reduced since the fund was converted into an ETF. Once the largest Bitcoin ETF, GBTC has now been overtaken by BlackRock’s IBIT, which became the leading Bitcoin ETF within five months of its launch. BlackRock’s IBIT continues to dominate the market, holding approximately 357,736 BTC, valued at about $22.2 billion.

The remaining six Bitcoin ETFs reported no activity, marking the second consecutive day without inflows for Bitcoin ETFs. At the time of writing, Bitcoin was trading at $59,640, up 0.3% over the past 24 hours, according to crypto.news.

Spot Ether ETFs End Nine-Day Outflow Streak

In contrast to Bitcoin ETFs, the nine spot Ethereum ETFs saw net inflows of $5.84 million on August 28, breaking a nine-day streak of outflows. BlackRock’s ETHA and Fidelity’s FETH were the only funds reporting inflows, with $8.4 million and $1.3 million, respectively. These gains were partially offset by Grayscale’s ETHE, which recorded outflows of $3.8 million, bringing its total outflows since inception to $2.55 billion.

Trading volumes for spot Ether ETFs increased to $151.5 million on August 28, higher than the previous day. Cumulative net outflows for spot Ether ETFs stand at $475.48 million to date. At the time of publication, Ethereum was trading at $2,544, up 3.5%.

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