US Bitcoin and Ethereum ETFs Face Significant Outflows
On Tuesday, U.S. spot Bitcoin exchange-traded funds (ETFs) continued to experience significant outflows.
Data from SosoValue shows that these ETFs saw net withdrawals of $287.78 million, the highest since May 1. BlackRock’s IBIT, the largest Bitcoin ETF by assets, reported no changes for the day.
Grayscale’s GBTC, the second-largest Bitcoin ETF, had $50.39 million in outflows, while Fidelity’s FBTC faced the largest withdrawals at $162.26 million. Ark and 21Shares’ ARKB experienced outflows of $33.6 million, and Bitwise’s BITB saw $24.96 million in net withdrawals. Other ETFs from VanEck, Valkyrie, Invesco, and Franklin Templeton also reported smaller outflows.
These outflows occurred during a broader market decline, as Wall Street fell in response to weaker ISM data, with the U.S. ISM manufacturing index for August slightly improving to 47.2%.
READ MORE: Crypto ETFs Lead Investment Trends Despite Recent Drops
Trading volume for Bitcoin ETFs reached $1.56 billion on Tuesday, up from $1.54 billion on Friday, with the U.S. market closed on Monday for a holiday.
In addition, U.S. spot Ethereum ETFs faced $47.4 million in net outflows, the highest since August 2. The Grayscale Ethereum Trust (ETHE) reported $52.31 million in outflows, while Fidelity’s FETH saw $4.91 million in inflows. The trading volume for Ether ETFs dropped to $163.5 million on Tuesday from $173.66 million on Friday.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
