Bitcoin and Ethereum ETFs outflows persist as Redtember grips the markets.
(Photo by Kena Betancur/Getty Images)
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Key Takeaways
Bitcoin ETF outflows are on a seven day streak totalling over $1 billion in exits.
Ethereum ETF inflow/outflow rates remain muted.
A majority of BTC and ETH funds have seen neutral flows in the past week.
U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) have hit day seven of a brutal outflow streak, whilst Ethereum ETFs struggle to see major flows in either direction.
Bitcoin ETFs
As per data provided by SoSoValue, Bitcoin ETFs saw $211.15 million in net outflows on Sept. 5, 2024, marking their seventh consecutive day of exits. So far in this losing streak, funds have collectively lost over $1 billion in outflows.
Bitcoin ETF flows. Source: SoSoValue
Leading today’s losses is Fidelity’s Wise Origin Bitcoin Fund (FBTC), which saw $149.49 million in net outflows. After briefly glancing $10 billion in cumulative net inflows, the fund has since seen six days of continued outflows. This marks its third-largest day of exits.
The Bitwise Bitcoin ETF (BITB) saw a modest $30 million in exits, as did the Grayscale Bitcoin Trust (GBTC) with $23.22 million in net outflows. Though small, Grayscale’s BTC fund is just millions away from having $20 billion in cumulative net outflows.
Furthering these losses, the newly launched Grayscale Bitcoin Mini saw its second-ever day of net outflows, shedding $8.45 million from the fund. The remaining 8 funds saw neutral flows.
Ethereum ETFs
As per data from SoSoValue, Ethereum ETFs have recorded their smallest day of exits since launching, posting $152,720 in cumulative net outflows on day three of their outflow streak.
Ethereum ETF flows. Source: SoSoValue
Making some notable gains, the Grayscale Mini Ethereum Trust pulled a healthy $7.24 million in net inflows, bringing its cumulative net inflows to $249.69 million.
Though seemingly balancing itself out, the Grayscale Ethereum Trust (ETHE) posted the only outflows for the day, shedding $7.39 million from its fund. This brings its cumulative net outflows to $2.66 billion.
Neutral Flows
Although BTC and ETF funds have regularly posted net outflows for the day, these figures are often disproportionately affected by the likes of Grayscale with its gigantic outflows.
Interestingly, the leading Bitcoin ETF, BlackRock’s iShares Bitcoin Trust (IBIT), has run mostly neutral since July 27, with just one day of outflow totaling $13.51 million. The same with its iShares Ethereum Trust (ETHA), which since Aug. 21 has posted neutral flows, with just one day of inflows on Aug. 28.
A similar trend is seen across a majority of other BTC and ETH funds, which comes at a time when market uncertainty continues to grow. With BTC volatility following bearish patterns, and ETH doing the same, institutional investors are likely in HODL mode.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
