Bitcoin ETFs have posted a second day of outflows as crypto and global markets start to recover.
(Photo by Spencer Platt/Getty Images)
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Key Takeaways
Since launching in January, Bitcoin ETFs have seen a cumulative net inflow of $17.34 billion.
Ethereum ETFs have outperformed BTC ETFs with $48 million in net inflows on Aug. 6.
Grayscale’s newly launched “Mini” Bitcoin ETF has seen four days of consecutive net inflows.
U.S. Spot Bitcoin (BTC) exchange-traded funds (ETFs) have seen a second consecutive day of net outflows as a majority of funds post neutral or negative flows.
Considering there is a costly crypto market decline, a very brief global stock market shakeout, and geopolitical uncertainty all at play, BTC ETF outflows are still rather small.
Bitcoin ETFs
As per data gathered by SoSoValue, U.S. Bitcoin ETFs saw yet another day in cumulative net outflows totaling $168.44 million.
Bitcoin ETF flows. Source: SoSovalue
In a shocking twist of events, Grayscale was up top, though not with its primary fund. The Grayscale Mini Bitcoin Trust (BTC) netted $21.81 million, bringing the newly launched fund’s cumulative net inflows to $240.81 million.
That said, there were only two other ETFs that saw net inflows. The VanEck Bitcoin Trust (HODL) recorded $3 million, and the Bitwise Bitcoin ETF (BITB) gained $2.9 million.
Outflows and Neutrality
Interestingly, six of the eleven funds posted neutral flows, with BlackRock’s iShares Bitcoin Trust (IBIT) ending its 20-day net inflow streak today. Notably, IBIT has only seen one day in net outflows and cumulative net inflows of $20.1 billion.
Reigning outflow king, the Grayscale Bitcoin Trust (GBTC) stayed on trend and posted net outflows of $69.12 million, bringing cumulative net outflows up to a whopping $19.13 billion.
The ARK 21Shares Bitcoin ETF (ARKB) shed $69 million, bringing its cumulative net inflow to a respectable $2.41 billion. The Fidelity Wise Origin Bitcoin Fund (FBTC) posted $58.04 million in outflows.
Market Dynamics
Today’s inflows and outflows are some of the lowest Bitcoin ETFs have seen since January. Though not insignificant, they do come during a considerably large crypto market shakeout.
Monday’s crypto bloodbath saw billions in liquidations across the market. Despite this and compounding factors in global markets, ETF issuers were undeterred and refused to sell Bitcoins throughout this period.
Noting this, Rania Gule, Senior Market Analyst at trading platform XS, explained that BTC suffered its biggest drop since the collapse of FTX. Although the market has recovered, crypto market losses already surpassed $500 billion in August.
“Monitoring the flows through cryptocurrency exchange-traded funds (ETFs) will also be crucial to see whether ETF investors will join the current wave of panic by selling their holdings or act as support to halt the market’s decline.” Gule noted.
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.
