Thomas Daniels
Spot Bitcoin and Ethereum exchange-traded funds (ETFs) in the U.S. recorded joint outflows for the first time on August 2.
Bitcoin ETFs See Outflows of $237.4 Million
On August 2, U.S. spot Bitcoin ETFs experienced net outflows totaling $237.4 million, marking the largest single-day outflow since early May, which saw $563.8 million in outflows. The Fidelity Wise Origin Bitcoin Fund (FBTC) led the outflows, losing $104.1 million, followed by Ark and 21Shares’ ARKB with $87.7 million in outflows.
Grayscale’s GBTC also continued its downward trend, recording $45.9 million in outflows. Bitwise’s BITB and VanEck’s HODL saw outflows of $29.4 million and $23 million, respectively. In contrast, BlackRock’s IBIT and Grayscale’s newly launched Grayscale Bitcoin Mini Trust were the only Bitcoin ETFs to record inflows, at $42.8 million and $9.9 million, respectively. The remaining spot Bitcoin ETFs showed no net movement.
Overall, the week ended with total withdrawals from all spot Bitcoin ETFs amounting to approximately $80.68 million. According to SoSoValue data, the total daily trading volume for these ETFs was $2.34 billion on August 2, down from $2.91 billion on August 1, yet significantly higher than the $1.37 billion recorded on July 31.
Ethereum ETFs Log Outflows of $54.3 Million
The nine U.S. spot Ethereum ETFs also saw a net outflow of $54.3 million on August 2, primarily driven by Grayscale’s ETHE, which reported $61.4 million in outflows. Fidelity’s FETH and Franklin’s EZET were the only ETFs to record inflows, at $6 million and $1.1 million, respectively, insufficient to offset ETHE’s losses. Other Ether ETFs showed no net flow on that day.
The past week was particularly challenging for Ethereum ETFs, with significant withdrawals totaling $169.4 million over the last five trading days. Data from SoSoValue indicated that the total daily trading volume for these spot Ethereum ETFs was $438.61 million on August 2, higher than the $331.11 million recorded on August 1 but lower than the $472.5 million on July 31.
The simultaneous outflows from spot Bitcoin and Ethereum ETFs on August 2 marked a reversal from 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. This latest trend coincided with a 4.5% drop in the global cryptocurrency market cap over the last 24 hours, according to CoinGecko data.
Bitcoin’s price decreased by 4.4% to $62,000, while Ethereum saw a larger decline of 5%, trading at approximately $3,000.
