Grayscale Exits Rekindle Outflow Blues for Bitcoin and Ethereum ETFs

• BlackRock’s Bitcoin ETF posted its second-ever day of outflows.
• A majority of Ethereum ETF outflows have stemmed from Grayscale exits.
• Crypto remains uncertain as prices trend sideways across the market.

U.S. spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) have both posted net outflows as uncertainty grips the market.

Bitcoin ETFs

As per data provided by  SoSoValue, Bitcoin ETFs have seen their third consecutive day of net outflows, recording $71.73 million in exits for Aug. 29, 2024.

Up top, the Ark 21Shares Bitcoin ETF was the only fund to see inflows, netting a modest $5.34 million. This raises the fund’s cumulative net inflow to $2.37 billion, ranking it third amongst its competitors.

As for the losers, the Fidelity Wise Origin Bitcoin Fund (FBTC) saw $31.11 million in exits, bringing its cumulative net inflow to $9.84 billion.

The Grayscale Bitcoin Trust (GBTC) suffered yet another day of outflows, dropping $22.68 million, bringing its total outflows to an eye-watering $19.76 billion.

BlackRock’s iShares Bitcoin Trust (IBIT) saw its second-ever day of net outflows, shedding $13.51 million from its wildly successful fund, which has seen $20.92 billion in cumulative net inflows.

The Bitwise Bitcoin ETF saw its fourth day of outflows, losing $8.09 million, and the Valkyrie Bitcoin Fund (BRRR) posted $1.68 million in exits.

Ethereum ETFs

As for Ethereum ETFs, SoSoValue data shows they recorded  $1.77 million in net outflows for Aug. 29.

It’s a mixed result for Grayscale as its mini Ethereum fund saw a very humble $3.57 million in net inflows, bringing its cumulative inflow to $239.33 million.

So far, the mini fund has not seen a single day of outflows, although it has not had sizeable inflows either.

Meanwhile, the Grayscale Ethereum Trust (ETHE) is on day 13 of its outflow streak with $5.35 million in exits.

Since launching on July 23, the fund hasn’t seen a single day of inflows and just one day of neutral flows. It now has a cumulative net outflow of $2.56 billion.

Week by Week

If you zoom out and look at the past five weeks of Bitcoin ETF flows, the market appears rather balanced. In fact, August has been a relatively strong month for BTC ETFs.

The month started with two consecutive weeks of outflows totaling roughly $150 million.

The week after, they saw net inflows of $32 million.

The following week, they bagged a whopping $500 million in net inflows, and so far this week, they’ve shed $101 million. Overall, BTC ETFs are in the green for this month.

The same cannot be said of Ethereum ETFs.

The first two weeks of Ethereum ETF trading saw net outflows of over $500 million, mainly due to Grayscale’s sizeable exits.

One week of net inflows netted $104 million. However, three consecutive weeks of net outflows erased any of these gains.

Ethereum ETF flow data has suffered immensely under the weight of Grayscale’s outflows, not to mention the myriad market dynamics impacting crypto prices.

With all things considered, Ethereum ETFs aren’t doing terribly, just not fantastically.

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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