Bitcoin and Ethereum ETFs are in the red. Grayscale leads losses.
(Photo by Michael M. Santiago/Getty Images)
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Key Takeaways
A majority of BTC ETF and ETH ETF funds saw neutral flows.
Grayscale’s Ethereum ETF was the only fund that saw net outflows.
Fidelity has offloaded 200 BTC from its custody wallet to three unmarked addresses.
U.S. spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) have posted negative outflows of almost $75 million as fund exits begin to slow down.
Bitcoin ETFs
As per data from SoSoValue, Bitcoin ETFs have reached day six of their renewed outflow streak with $37.29 million in cumulative losses on Sept. 4, 2024. During this streak, fund exits have totaled over $800 million.
Bitcoin ETF flows. Source: SoSoValue
But it’s not all bad news, as a majority of funds were neutral. The only fund to post net inflows is the Bitwise Bitcoin ETF (BITB), which ended its own six-day outflow streak with a cool $9.46 million of inflows. Just three funds posted negative outflows.
Firstly, the Grayscale Bitcoin Trust (GBTC) recorded $34.25 million in exits, bringing its cumulative net outflow to $19.94 billion. Fidelity’s Wise Origin Bitcoin Fund (FBTC) posted $7,59 million in outflows, as did the VanEck Bitcoin ETF (HODL), with a modest $4.91 million in outflows.
It would seem that the outflow rates are tapering off, given that they’ve regularly exceeded $100 million since Aug. 27. The total value traded for Sept. 4 was $1.41 billion, which is a common figure seen on positive and negative flow days. As per LookOnChain, BTC ETFs have seen outflows totaling 10,428 BTC.
Ethereum ETFs
On the other side of the crypto ETF market, Ethereum ETFs have seen their second consecutive day of outflows, collectively shedding $37.51 million.
Ethereum ETF flows. Source: SoSoValue
Similarly to BTC ETFs, a majority of funds saw neutral flows. Interestingly, Grayscale’s Ethereum Mini Trust posted inflows of $3.12 million after two days of neutrality. On the flip side, the Grayscale Ethereum Trust (ETHE) posted net outflows of $40.63 million, bringing its cumulative outflow to a bitter $2.56 billion.
As for total value traded, ETH ETFs saw $145.86 million traded on Sept. 4, which fits within their daily averages so far. It’s worth noting that these figures would be affected by the price decline of either BTC or ETH – so if total values remain relatively high, it would suggest trading activity is too.
Fidelity Moves BTC
Fidelity, an ETF issuer that also provides custodial services, has recently begun moving large sums of BTC from one of its primary wallets.
As per data on Arkham Intelligence, Fidelity sent out several identical 200 BTC ($11.3 million) transactions to unmarked wallets. Each transaction was split into two addresses with 50 BTC ($2.8 million) and one with 99.99 BTC ($5.6 million).
These transfers come a couple of days after the fund saw sizeable outflows of $162 million on Sept. 3 amid a prolonged selloff. We’ve likely seen a brief moment of panic selling from the institutions as BTC slid under $55,000, which also brought ETH down below $2,500 with it.
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.
