On August 2nd, US Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) experienced significant outflows. Spot On Chain, a well-known on-chain analytics firm, reported that Bitcoin ETFs saw an outflow of $237 million, while Ethereum ETFs recorded $54 million in outflows. This sudden shift was shared on the company’s official X account.
US
#ETF
02 AUG: $237M to
$BTC
and $54M to
$ETH
BTC ETF UPDATE (final): -$237M
• This marks the largest outflow since May 2!
• Across ten US Bitcoin ETFs, total outflows reached $80.7M this week (with outflows on 2 out of 5 trading days).
• Eight US BTC ETFs, excluding
#BlackRock
(IBIT)…
pic.twitter.com/XHKOOzd0ne
— Spot On Chain (@spotonchain)
August 3, 2024
**Bitcoin and Ethereum ETFs Face Significant Outflows on August 2nd**
The analytics platform highlighted that the Bitcoin ETFs experienced their largest outflow since May 2nd, totaling an impressive $237 million on August 2nd. This event marks a significant shift in the market dynamics surrounding Bitcoin ETFs in the US. The substantial outflow underscores a notable single-day exit that hasn’t been observed in recent months.
Additionally, this trend reflects the increasing selling pressure impacting investors’ profits. Over the past week, the ten US Bitcoin ETFs collectively faced outflows amounting to $80.7 million, with outflows recorded on two of the five trading days. This suggests a decline in portfolio rebalancing or investor confidence. Remarkably, eight out of the ten Bitcoin ETFs did not attract any inflows during this trading week.
**Rising Outflows Indicate Waning Investor Interest**
In contrast, BlackRock’s IBIT and Grayscale Mini stood out as exceptions to this trend. Their inflows may be attributed to sustained investor confidence or stronger market positions. Ethereum ETFs similarly encountered a challenging scenario, with cumulative outflows of $54 million on August 2nd. This aligns with a broader trend of declining inflows and increasing outflows. The nine US Ethereum ETFs experienced a total outflow of $169 million in the second week of trading.
These outflows occurred on three of the five trading days, suggesting strategic withdrawals or diminishing investor interest. Grayscale’s ETHE fund recorded the least outflow, amounting to $61.4 million, accentuating the retreat from a major player in the Ethereum ETF sector. The remaining eight Ethereum ETFs also reported decreased inflows. According to Spot On Chain, this signals a wider trend of diminishing investor enthusiasm regarding ETH ETFs.
**Tags:**
BTC
ETH
