Highlights:
- Bitcoin and Ethereum ETFs have recorded net outflows for the second time since ETH ETFs graced the crypto market.
- As usual, Grayscale ETFs led the outflows in Bitcoin and Ethereum.
- The crypto market continues to stage recovery, with Ethereum and Bitcoin mirroring similar patterns.
Bitcoin (BTC) and Ethereum (ETH) Exchange Traded Funds (ETFs) recorded net outflows on Friday amid the relatively quiet market. Yesterday’s data implies that Bitcoin and Ethereum ETFs have simultaneously registered outflows for the second time since ETH ETFs graced the market.
The last time Bitcoin and Ethereum ETFs witnessed simultaneous net outflows was on August 2. Bitcoin ETFs saw $237 million in losses, while Ethereum ETFs registered $54 million outflows. In the most recent statistics, BTC ETFs net outflow was $89.7 million, while ETH’s was $15.8 million. Comparing the netflows that happened on August and August 9, it becomes relatively safe to assert that yesterday’s market had minimal activities.
🚨 US #ETF 09 AUG: 🔴$90M to $BTC and 🔴$16M to $ETH
🌟 BTC ETF UPDATE (final): -$90M
• The 10 US Bitcoin ETFs saw a total outflow of $177M this week (outflows on 3/5 trading days).
• 3 big ETFs, including BlackRock (IBIT), Fidelity (EBTC), and Bitwise (BITB), all saw sharp… pic.twitter.com/mtP1tLEPEy
— Spot On Chain (@spotonchain) August 10, 2024
Bitcoin ETFs Latest Netflow Data
Per the most recent netflow statistics, two Bitcoin ETFs witnessed inflows, while three registered outflows. Interestingly, ETFs with inflows included Grayscale Mini Bitcoin ETF (BTC), with about $15.6 million in gains. BlackRock Bitcoin ETF (IBIT) also recorded roughly $9.6 million in profits.
On the other hand, the three ETFs that registered outflows were Grayscale Bitcoin ETF (GBTC), which topped the list with about $77 million in losses. The two other BTC ETFs that witnessed outflows were Fidelity Bitcoin ETF (FBTC) and Bitwise Bitcoin ETF (BITB). They recorded $19.8 million and $18.1 million in outflows, respectively. Aside from the highlighted five ETFs that registered either inflows or outflows, the remaining six had zero flows.
With the latest netflow data, Bitcoin ETFs now boast a daily total net outflow of about $89.73 million and a cumulative total net inflow of about $17.34 billion. The total value traded has reached $1.27 billion, with total net assets of $55.11 billion, representing 4.6% of Bitcoin’s $1.19 trillion market cap.
Ethereum ETFs Netflow Statistics for August 9
Like Bitcoin, minimal activities played out on Ethereum ETF’s netflow data. Unlike Bitcoin, which saw more ETFs recording losses, Ethereum only had one ETF with losses, while three ETFs witnessed inflows. Grayscale Ethereum ETF registered the only net outflows at about $41.7 million.
For inflows, BlackRock Ethereum ETF (ETHA) led with approximately $19.6 million in profits. Fidelity Ethereum ETF (FETH) followed closely with $3.9 million in inflows, while Grayscale Mini (ETH) recorded about $2.4 million in gains.
The above flow data implies that Ethereum’s daily net outflow for yesterday was roughly $15.71 million. Cumulative total netflow remained negative at about $405.94 million. Additionally, the total value traded has touched $166.88 million. Meanwhile, the total net assets reached approximately $7.28 billion, representing 2.34% of Ethereum’s $316.76 billion market valuation.
Price Actions Relative to ETF Outflows
While it is a fact that the global market is gradually setting a recovery, Bitcoin and Ethereum have mirrored a similar trend. Consequently, the ETFs will suffer impacts stemming from the gradual recovery. On the other hand, it supports the minimal activities witnessed in the ETF markets for most periods during the market decline and recovery phases.
At the time of writing, BTC is valued at approximately $60,700, reflecting a slight 0.2% decline from the previous day. Bitcoin saw a massive leap in its 7-day-to-date price change, evidenced by its minimum and maximum selling prices ranging between $49,781.93 – $62,394.50.
On its part, ETH is changing hands at about $2,600, mirroring a 1.3% decline in the past 24 hours. Like BTC, Ethereum saw significant improvement in its 7-day-to-date price movement. For context, the world’s most valuable altcoin recorded minimum and maximum prices ranging between $2,197.15 – $3,004.25 in the past week.
