US Spot Bitcoin ETFs See $127M in Net Outflows, Ending Eight-Day Inflow Streak

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US Spot Bitcoin ETFs See $127M in Net Outflows, Ending Eight-Day Inflow Streak

For over a week now, spot Bitcoin exchange-traded funds (ETFs) in the US have been posting daily net inflows. However, the positive trend ended abruptly on Tuesday following reports that the funds saw $127 million in net outflows. That is, according to the latest data from SoSo Value.

Over the eight-day stretch, the ETFs netted $756 million in investments, with BlackRock’s IBIT clearly leading the charge, thanks to its growing investor appeal.

Tuesday’s decline, meanwhile, was led majorly by Ark Invest and 21Shares’ joint ETF, ARKB. The ARKB fund alone reported a massive outflow of $101.97 million, marking a notable departure from the consistent inflows it posted over the past week. Similarly, Grayscale’s Bitcoin Trust (GBTC) recorded net outflows of $18.32 million, further contributing to the downturn. Although a bit modest, Bitwise’s BITB fund also saw negative flows, with $6.76 million leaving the fund on the day.

Interestingly, eight other US spot Bitcoin funds, including BlackRock’s highly anticipated IBIT, saw no movement on Tuesday, reporting zero flows. This further proved the day’s overall bearish undertone for the Bitcoin ETF market.

Despite the outflows, the US spot Bitcoin ETFs excluding Valkyrie’s BRRR, which has not yet updated its figures, reported a total trading volume of $1.2 billion on Tuesday. With such high levels of activity, it might be safe to say that institutional investors are still keenly interested in Bitcoin. That is, even in times when volatility might be at its highest.

So far in 2024, US spot Bitcoin ETFs have had $17.95 billion flow into them.

For the most part, Bitcoin ETFs have enjoyed several days of positive flows.  So, its recent setback may be labeled a little bump in the road. However, the same cannot be said of their Ether ETF counterparts. Ether ETFs are yet to gain the interest of institutional investors. Hence, they continue to struggle for relevance.

For context, Tuesday marked the ninth consecutive day of net outflows for the funds. That is, after reports showed that no less than $3.45 million went out of the funds yesterday.

Grayscale’s Ether fund, in particular, saw the most notable outflow, with $9.18 million leaving it. However, this negative flow was somewhat offset by inflows into other Ether ETFs. Fidelity’s FETH, for instance, saw $3.88 million in net inflows, while Bitwise’s ETHW attracted $1.86 million.

Unfortunately, the minor gains were not enough to take the pressure off the overall Ether ETF market.

Monday’s trading volume for Ether funds stood at $129.95 million, a far cry from the high volumes of around $900 million in late July. Cumulatively, the funds have seen total net outflows of $481.32 million.next

US Spot Bitcoin ETFs See $127M in Net Outflows, Ending Eight-Day Inflow Streak