Bitcoin ETF Weeklong Outflows Exceed $1B, Ethereum ETFs Almost Neutral

• 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.

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.

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.

About the Author

Eddie Mitchell

Eddie has been writing news and content primarily for crypto news and industry players over the past seven years. With an eye for the bigger picture, Eddie prefers to investigate the broader implications of a story, as well as explore the weird and wonderful world of crypto. He believes blockchain has already changed the world, but observes the space overall with a skeptical and adoring eye.

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