BTC ETFs End 8-Day Outflow Streak as ETH ETFs Extend Losses to 5 Days

Highlights:

• Bitcoin ETFs have ended its 8-day outflow streak with $26 million in net inflows.
• ETH ETFs record another net outflow to extend its losses to five consecutive days
• Bitcoin and Ethereum see subtle increments in their day-to-day variables, hinting at recovery possibilities.

According to the latest Exchange Traded Funds (ETFs) flow data, Bitcoin (BTC) ETFs recorded net inflows to end an 8-day outflow streak. On the other hand, Ethereum (ETH) ETFs saw net outflows, extending their losses for the fifth consecutive day.

The ETF flow statistics, as reported by the renowned on-chain tracker on X, Spotonchain, revealed $26 million in gains for BTC. Conversely, Ethereum saw about $5.2 million in net outflows. Interestingly, the ETF commodities saw minimal activity, corroborating the relatively low recorded ETF flow values.

🚨 US #ETF 09 SEP: 🟢$26M to $BTC and 🔴$5.2M to $ETH

🌟 BTC ETF UPDATE (final): $26M

• The net flow turned positive after 8 days of heavy outflows.

• Yesterday’s only outflows belonged to #Grayscale (GBTC) and #BlackRock (IBIT), the 2 largest US Bitcoin ETFs.

🌟 ETH ETF… pic.twitter.com/DmKFVRb3vc

— Spot On Chain (@spotonchain) September 10, 2024

GBTC and IBIT Record the only Losses Among Bitcoin ETFs

Among the eleven Bitcoin ETFs, five recorded activities on September 9, 2024. Three saw inflows, two recorded losses, and five saw zero flows. Notedly, Notedly, Fidelity Bitcoin ETF (FBTC) topped the chart with about $28.6 million. Bitwise Bitcoin ETF (BITB) and ARK 21Shares Bitcoin ETF (ARKB) followed closely in the second and third spot, respectively. They saw approximately $22 million and $6.8 million in net inflows.

Meanwhile, the only outflows recorded in yesterday’s data came from the two most valuable United States Bitcoin ETFs. Grayscale Bitcoin ETF (GBTC) led the losses pack with $22.8 million. BlackRock Bitcoin ETF (IBIT) also recorded net outflows of about $9.1 million.

Bitcoin’s cumulative net inflow remained positive, with approximately $16.92 billion. The total value traded reflected $1.61 billion, while total net assets were $51.31 billion. The total net assets represented 4.56% of Bitcoin’s market capitalization.

ETH ETFs Record Net Outflows Despite Inflows from Three Entities

Among the nine Ethereum ETFs, only one saw net outflows, three recorded losses, while five had zero flows. Like Bitcoin, Grayscale Ethereum ETF (ETHE) witnessed the only net outflows at approximately $22.6 million.

For gains, Grayscale Mini Ethereum ETF (ETH), Fidelity Ethereum ETF (FETH), and Bitwise Ethereum ETF (ETHW) registered net inflows. They saw profits of about $8 million, $7.6 million, and $1.8 million, respectively.

Following yesterday’s flow statistics, Ethereum ETF cumulative flow remained negative at roughly $573.49 million. The total value traded was about $124.51 million, while total net assets reflected $6.43 billion. Notedly, these total net assets represented 2.28% of Ethereum’s market capitalization.

Will Bitcoin ETFs Recover $1.2 Billion Losses?

Before the most recent flow data, Bitcoin ETFs have been bleeding for eight consecutive days. Consequently, it accumulated about $1.2 billion in cumulative losses, eliciting panic sell-offs among Bitcoin holders and ETF investors.

The outflow trend impacted Bitcoin’s price significantly, as it remained below the $60,000 price level. In addition, the flagship crypto asset dropped by about 17% in early September. Meanwhile, considering yesterday’s statistics, chances abound that a trend reversal could be imminent. However, recovering the $1.2 billion losses accumulated in 8 days seems tricky, except Bitcoin ETFs start recording greater values in profits for subsequent days.

BTC and ETH Price Reactions

At the time of writing, Bitcoin is changing hands at about $56,800, reflecting a 3.7% increment in the past 24 hours. Its 24-hour trading volume is also up by roughly 51.86%, with about $33.36 billion in valuation. Ethereum’s valuation is approximately $2,340, reflecting a 1.9% upswing in its 24-hour-to-day price variable. In its 24-hour trading volume, ETH saw a 25.78% jump, with a $15.04 billion valuation.