Spot BTC ETFs in the US Record $148.5 Million Net Outflows on Tuesday

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Spot BTC exchange-traded funds (ETFs) in the US experienced continued negative flows on Tuesday, recording net outflows of $148.5 million.
Data from SoSoValue indicated that Fidelity’s FBTC led the withdrawals among 12 BTC funds with $64.48 million in outflows yesterday.
Grayscale’s GBTC fund reported $32.18 million in outflows, while Ark Invest and 21Shares’ ARKB saw net outflows of $28.88 million. Franklin Templeton’s Bitcoin fund also lost $23 million.

This article provides insights into the recent trends and performance of Bitcoin ETFs, highlighting significant movements and implications for investors.

Continued Outflows for Spot BTC ETFs

On Tuesday, the spot BTC ETFs sector in the United States reported significant negative cash flows, totaling $148.5 million in net outflows. The data revealed that a considerable portion of these outflows came from Fidelity’s FBTC, which topped the list with $64.48 million in withdrawals among the 12 BTC funds monitored. This development raises questions about the current investor sentiment towards Bitcoin ETFs and the broader cryptocurrency market.

Other Noteworthy Outflows

Grayscale’s GBTC fund also saw notable outflows, totaling $32.18 million, while Ark Invest and 21Shares’ jointly managed ARKB experienced net outflows of $28.88 million. Franklin Templeton’s Bitcoin fund reported a $23 million decline in holdings. In contrast, BlackRock’s IBIT, the largest spot Bitcoin ETF by net asset value, reported zero flows on the same day alongside seven other shares.

Market Impact and Performance

Spot ETFs continue to exert considerable influence over the cryptocurrency market. On Tuesday alone, an estimated $2.2 billion worth of funds were traded within spot BTC ETFs. Since their inception in January, the 12 monitored BTC funds have accumulated $17.19 billion in net inflows. Conversely, on the same day, spot Ethereum ETFs reported net inflows, with positive daily flows amounting to $98.3 million.

Significant Inflows for Ethereum ETFs

The largest contributor to the Ethereum ETF inflows was BlackRock’s ETHA, which recorded $109.89 million. Fidelity’s FETH saw inflows of $22.49 million, while Grayscale’s mini trust and Franklin Templeton’s Ether fund observed $4.7 million and sub-$1 million inflows, respectively. As of August 6, Ether funds cumulatively had $330.13 million traded value, though they amassed net outflows of $363 million since their listing on July 23.

Market Rebound Post-Global Decline

Both Bitcoin and Ethereum began to recover following Monday’s global market downturn. According to CoinMarketCap, Bitcoin rose 2.61% in the last 24 hours to $57,060, while Ethereum climbed 1.25% to $2,522. This rebound hints at a potential stabilization or upward trend despite recent ETF outflows, though investors remain cautious.

Conclusion

The recent trends in Bitcoin and Ethereum ETFs underscore the volatile nature of the cryptocurrency market. Despite notable outflows in spot BTC ETFs, the inflows in spot Ethereum ETFs signal continued investor interest in digital assets. Market participants should stay informed and conduct thorough research to navigate these fluctuations effectively and make well-informed investment decisions.

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