Bitcoin and Ethereum ETFs Continue to Run Red, Outflows Total Over $75M

• 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.

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.

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.

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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