Bitcoin and Ethereum ETFs Back in the Red With Negative Flows

• U.S. Bitcoin ETFs now command $51.96 billion in net assets or 4.58% of the Bitcoin market cap.
• A majority of BTC and ETH ETFs saw neutral flows, suggesting investors are in HODL mode.
• Grayscale’s BTC and ETH ETF outflows now total over $23 billion.

U.S. spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) have posted joint outflows after a brief respite from their lengthy outflow streaks.

Bitcoin ETFs

According to data from SoSoValue, Bitcoin ETFs posted net outflows  of $43.97 million on Sept. 11, ending a short-lived two-day inflow streak.

Looking at the day’s gainers, Fidelity’s Wise Origin Bitcoin Fund (FBTC) posted $12.57 million on its third day of consecutive net inflows. With $9.53 billion in cumulative net inflows, FBTC ranks second amongst its competitors.

The Invesco Galaxy Bitcoin ETF (BTCO) caught a modest inflow of $2.59 million, bringing its cumulative net inflow to a sturdy $347.54 million. It marks a relatively rare day for BTCO, which, since July 23, has seen just four days of inflows and three days of outflows; the rest were neutral.

As for outflows, the ARK 21Shares Bitcoin ETF (ARKB) took a sizeable hit, shedding $54.03 million in net outflows. The Grayscale Bitcoin Trust (GBTC) posted one of its lowest days of outflows ever, shedding $4.59 million from its fund. GBTC outflows now total $20.04 billion.

Grayscale is taking a double dip in BTC ETF outflows. The Grayscale Bitcoin Mini Trust, too, saw net outflows of $511,230. The mini fund has garnered $347.59 million in cumulative net inflows.

Ethereum ETFs

Data provided by SoSoValue show that Ethereum ETFs have failed to score a second day of inflows. Instead, they’ve posted a very modest  net outflow of $542,870.

The Fidelity Ethereum Fund (FETH) has scored its third consecutive day of net inflows, posting a very humble $1.17 million in net inflows. This raises the fund’s cumulative net inflow to $413.73 million, ranking it second in ETH ETFs.

There’s just one fund posting outflows for Sept. 11, but it’s not the usual Grayscale suspects.

It’s the VanEck Ethereum Trust, which posted $1.71 million in net outflows. This would be the fund’s first day of outflows since Aug. 16, which also ends its 11-day neutral streak, which began on Aug. 26.

It would seem that Ethereum ETFs are performing poorly, especially when compared to their BTC counterparts. However, looking at the data available, it really is just one fund, namely Grayscale’s Ethereum Trust  (ETHE), which has persistently dragged the daily figures down with its outflows.

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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