Bitcoin and Ethereum ETFs Outflows Grow as Redtember Grips the Market

• Bitcoin ETFs have seen their largest day of outflows in four months.
• Grayscale’s Ethereum ETF comprises a majority of ETH ETF outflows.
• Bitcoin’s price slipped to $55,000 as Redtember grips the markets.

The markets appear to be decidedly bearish as U.S. spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) collectively shed over $330 million in net outflows.

Bitcoin ETFs

As per data from SoSoValue, Bitcoin ETFs have suffered their largest day of exits since May, shedding $287.78 million on Sept. 3, 2024, marking day five of net outflows.

Leading the losses, Fidelity’s Wise Origin Bitcoin Fund (FBTC), a top-performing fund with $9.67 billion in cumulative net inflows, has seen its second-largest day of losses, recording $162.26 million in net outflows.

Following closely behind, the Grayscale Bitcoin Trust (GBTC) saw $50.39 million in outflows, bringing its cumulative net outflows to a sour $19.9 billion. To this date, GBTC is the only Bitcoin ETF in the red and has just $13 billion in net assets remaining.

The ARK 21Shares Bitcoin ETF (ARKB), posted $33.6 million in outflows, it remains a solid contender with cumulative net inflows. Similarly, the Bitwise Bitcoin ETF saw $24.96 million in net outflows dragging its cumulative net inflow down to $1.97 billion.

The Franklin Templeton Digital Holdings Trust (EZBC) posted its fourth-ever day of net outflows, losing $8.41 million, and the VanEck Bitcoin ETF (HOLD) saw modest outflows of $3.28 million. The Valkyrie Bitcoin Fund (BRRR) and Invesco Galaxy Bitcoin ETF (BTCO) posted outflows of $2.55 million and $2.32 million, respectively.

Ethereum ETFs

According to SoSoValue data, Ethereum ETFs saw their worst day of outflows  since the beginning of August, losing $47.4 million in net outflows.

Dampening the impact of the day’s outflows, the Fidelity Ethereum Fund posted $4.91 million in inflows, ending its two-day neutrality streak.

Unsurprisingly, the Grayscale Ethereum Trust (ETHE) is the loss leader for the day, shedding $52.31 million from its fund. This is its biggest outflow since the beginning of August, bringing its cumulative exit total to $2.61 billion.

The Redtember Effect

After a couple of months of market uncertainty, one thing is for certain: We’re now in the worst-performing month for Bitcoin: September.

Affectionately dubbed “Redtember,” this month is historically bad for BTC. This seems to already be in effect, as it tumbled to $55,000 this morning.

Similarly, Ethereum is suffering a similar fate, dropping below the $2,500 mark to a low of $2,313 in the early hours. It has since climbed up to $2,394, but it remains down over 4% for the week.

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.

See more

[email protected]