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bitcoin and ethereum exchange-traded funds in the US recorded joint outflows for the first time on August 2.
bitcoin ETFs see $237.4 million in outflows
The 11 U.S. spot bitcoin (btc) ETFs saw a net outflow of $237.4 million by the end of trading on Friday, August 2. This is the largest outflow from these investment products since early May, when they experienced $563.8 million in outflows.
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Interestingly, the largest outflows that day were recorded by Fidelity Wise Origin bitcoin Fund (FBTC), which lost $104.1 million in outflows, followed by 21Shares' Ark and ARKB with $87.7 million in outflows.
Grayscale’s GBTC then continued its downward movement, losing $45.9 million in outflows yesterday. Bitwise’s BITB and VanEck’s HODL also saw $29.4 million and $23 million in outflows, respectively.
BlackRock’s IBIT and Grayscale’s newly launched Grayscale bitcoin Mini Trust were the only bitcoin ETFs to see inflows of $42.8 million and $9.9 million respectively yesterday. The remaining spot btc ETFs remained neutral.
Overall, the week ended negatively, with total withdrawals from all spot btc ETFs of approximately $80.68 million.
According to SoSoValue btc-spot” target=”_blank” rel=””>dataThe total daily trading volume of these financial instruments was $2.34 billion on Friday, August 2, down from $2.91 billion on Thursday, August 1, but still much higher than the $1.37 billion recorded on Wednesday, July 31.
ethereum ETFs also see outflows of $54.3 million
The nine U.S. ethereum (eth) spot ETFs also saw a net outflow of $54.3 million on Aug. 2, led by Grayscale’s ETHE with $61.4 million in outflows.
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The only ETFs that saw inflows were Fidelity’s FETH and Franklin’s EZET, at $6 million and $1.1 million, respectively. These inflows were significantly lower than ETHE outflows and could not offset the total loss. The remaining Ether ETFs saw no net flow on the day.
Last week was even tougher for eth ETFs, with substantial withdrawals of $169.4 million in the last five trading days.
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The joint outflows from btc and eth spot ETFs on August 2 marked a shift from the scenario on August 1, when both ETF products saw positive inflows together for the first time since the launch of all nine Ether spot ETFs on July 23.
Meanwhile, the latest outflows from these investment products coincided with a 4.5% drop in the global cryptocurrency market capitalization over the past 24 hours, according to data from CoinGecko.
bitcoin price fell by 4.4% and is now trading at $62,000. Meanwhile, ethereum experienced a larger drop of 5% and is now trading at around $3,000.
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