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.