The twelve spot Bitcoin ETFs in the United States experienced their largest single-day outflow in over 90 days on Friday, August 2.
This was the biggest outflow since May 1, which was over 60 trading days ago.
Red day for most of the issuers
On August 2, the total outflow from these ETFs reached the $237.45 million, the highest since the $563.77 million outflows on May 1.
This is the fourth highest single-day outflow since the introduction of spot Bitcoin ETFs in January.
Among the ETFs, Grayscale’s newly-launched Bitcoin Mini Trust and BlackRock’s IBIT were the only ones to record any inflows, with Grayscale netting $9.88 million and BlackRock seeing nearly $43 million in additional funds. Tiny amounts, but still inflows.
These gains were overshadowed by giant outflows from other ETFs. Fidelity’s FBTC reported over $100 million in outflows, while Ark Invest and 21Shares’ ARKB saw about $81 million withdrawn.
Grayscale’s GBTC, Bitwise’s BITB, and VanEck’s HODL also faced outflows below $50 million. The remaining five funds saw no changes in their net asset values.
The good news is the overall trading volume remained ordinary, and the combined net asset value of all ETFs stayed near historical highs, even as Bitcoin’s price continued the decline to the $60,000 level.
Ethereum ETFs weren’t hitting that hard
On the same day, the nine spot Ether ETFs in the US market also reported a combined outflow of $54 million, this was the smallest single-day outflow since these funds started trading.
But here are relatively bad news, as the total net assets of these Ether ETFs reached their lowest level at $8.33 billion, down from a peak of $10.24 billion on their first trading day.
The majority of these outflows, $61 million, were from Grayscale’s ETHE, which holds the highest net asset value among spot Ether ETFs at $6 billion.
The trading volume for Ether ETFs was the second-lowest recorded on Friday, around $438 million, much lower than the $2.34 billion traded in Bitcoin ETFs.
Market shifts, or temporary decline?
The big outflows from Bitcoin and Ether ETFs could signal incoming market shifts, and one can speculate that investors are reallocating assets or responding to market conditions.
The steady inflows in select ETFs like BlackRock’s IBIT suggest varying investor confidence across different funds, despite in theory, they’re the same products.
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