Bitcoin ETFs and Ethereum ETFs run red as the markets turn sour.
(Photo by Chris Hondros/Newsmakers)
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Key Takeaways
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.
Bitcoin ETF flows. Source: SoSoValue
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.
Ethereum ETF flows. Source: SoSoValue
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.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
