Bitcoin ETFs Struggle With Daily Volumes, While ETH ETF Outflows Continue Unabated

• BlackRock’s BTC ETF has seen $20.48 billion in cumulative net inflows.
• Bitcoin ETF trading volumes are at their lowest since February 2024.
• Ethereum ETF volumes are at their lowest since launch.

U.S. spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) have seen one of their quietest days yet as trading volumes dwindle.

Bitcoin ETFs

As per data from  SoSoValue, Bitcoin ETFs saw their third consecutive day of net inflows totaling $61.98 million on Aug. 19, 2024.

It was a particularly quiet trading day, with just two funds recording net inflows and two recording net outflows. To begin with, BlackRock’s iShares Bitcoin Trust (IBIT) netted a solid $92.68 million, bringing its cumulative net inflows to $20.48 billion.

The second-best performing fund by cumulative net inflow, Fidelity’s Wise Origin Bitcoin Fund (FBTC), added a modest $3.87 million to its portfolio, bringing its total net inflow to $9.81 billion.

Meanwhile, Bitwise’s Bitcoin ETF (BITB) saw $25.72 million in exits. As did the Invesco Galaxy Bitcoin ETF, which recorded $8.84 million in outflows after a 19-day neutral flow streak.

Oddly, the Grayscale Bitcoin Trust (GBTC) had a rare case of neutral flows, ending its nearly three-week-long outflow streak.

Ethereum ETFs

SoSoVaue data shows  that Ethereum ETFs have been unable to shake their losing streak, seeing a further $13.52 million in net outflows for Aug. 19, 2024.

The past couple of weeks have been particularly quiet for Ethereum ETFs, and it seems as though this moment of calm may persist. With just two funds in the green and one fund in the red, ETH ETF trading volumes have been down to their lowest point since launch.

The Grayscale Ethereum Mini Trust is leading the inflows with a healthy $4.92 million net inflows. Bitwise’s Ethereum ETF (ETHW) is trailing closely, capturing $1.87 million in net inflows.

Meanwhile, Grayscale’s Ethereum Trust (ETHE) continues to lose funds as it posts $20.3 million worth of exits on day five of its outflow streak. The ETHE fund has seen $2.43 billion in exits since launching.

Low Prices, Low Volumes

That said, it’s worth looking at the total value traded. On Aug. 19, 2024, the Bitcoin ETF market saw just $779.82 million exchanged. This is the lowest since Feb. 6, when the total value traded was $692.11 million.

Regardless of the flow rates, Bitcoin ETF daily trading volumes regularly exceed $1 billion. In fact, since their launch on Jan. 11, 2024, BTC ETF volumes have seen below $1 billion just ten times.

Similarly to Bitcoin ETFs, the total value traded for Aug. 19 is the lowest Ethereum ETFs have recorded since launch. With just $124.06 million traded, trading volumes are dramatically down from the hundreds of millions the funds saw in the first two weeks of trading.

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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