Bitcoin ETFs Post Zero Inflows Across the Board, Drain $105M Instead

• Bitcoin ETFs command $54.32 billion in net assets, nearly double since their launch.
• Grayscale’s BTC fund is approaching $20 billion in net outflows.
• Market volatility continues to place downward pressure on BTC.

Six out of twelve U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) have posted net outflows as Bitcoin struggles to stay above the crucial $60,000 price tag.

Bitcoin ETFs

The latest data  from SoSoValue shows that Bitcoin ETFs have seen net outflows of $105.19 million for Aug. 28, marking day two of negative flows.

Today marks one of the few days that at least half of issuers posted net outflows, with zero inflows recorded across all twelve funds.

To begin with, the ARK 21Shares Bitcoin ETF (ARKB) was the loss leader for the day, dropping $59.27 million from its fund.

The Fidelity Wise Origin Bitcoin Fund (FBTC), the second-best performing fund with a cumulative net inflow of $9.87 billion, saw a modest $10.73 million in net outflows.

This was closely followed by the VanEck Bitcoin ETF (HODL), which posted $10.07 million in net outflows.

The Grayscale Bitcoin Mini Trust saw its first day of outflows since launching on July 31 and has recorded $8.77 million in net outflows.

After making some very modest early gains, the newly launched fund has failed to absorb losses from GBTC. It has seen $347.92 million in cumulative net inflows so far, ranking it ninth amongst competitors.

Bitwise’s Bitcoin ETF (BITB) saw $8.73 million in net outflows, marking day three of its very own outflow streak. The Grayscale Bitcoin Trust (GBTC) – surprisingly – saw the lowest outflows of all, shedding $7.98 million.

BlackRock Dominance

All things considered, the total value traded for Aug. 28 was $2.18 billion, with BlackRock’s iShares Bitcoin Trust (IBIT) soaking up $1.21 billion of that day’s trading activity.

Fascinatingly, despite these significant volumes, the fund posted neutral flows. Having seen $20.93 billion in cumulative net inflows, IBIT is by far the best-performing Bitcoin ETF.

Looking at Ethereum ETFs, BlackRock’s iShares Ethereum Trust (ETHA) has been the best-performing ETH ETF. Having so far posted $1.01 billion in cumulative net inflows, BlackRock’s performance is seemingly the counterweight to Grayscale’s ceaseless outflows.

Bitcoin (BTC) Price

The war for $60,000 rages on amongst traders as BTC fails to recapture the vital price floor. But, whilst community sentiment on CoinMarketCap appears to be bullish , the Bitcoin Fear & Greed Index is currently pointing to Fear.

BTC is trading just under $60,000 at the time of writing. Some analysts believe that  the slowing of Bitcoin ETF inflows/outflows, paired with reduced whale accumulation, is setting the markets up for even more volatility and perhaps even a prolonged period of price consolidation.

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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