Topic: [2024-08-10] Spot Bitcoin and Ethereum ETFs Shed Millions in Friday Trading (Read 80 times)

Spot Bitcoin and Ethereum ETFs Shed Millions in Friday Trading

During Friday’s trading sessions, U.S. spot bitcoin and ethereum exchange-traded funds (ETFs) experienced significant outflows, with $89.73 million exiting the BTC ETFs and $15.71 million flowing out of the ETH ETFs.

Bitcoin and Ethereum ETFs See Reductions

Data from sosovalue.xyz revealed that the 12 spot bitcoin ETFs collectively saw $89.73 million in outflows on Friday, reducing the total net inflows since Jan. 11, 2024, to $17.34 billion. The biggest hit came to Grayscale’s GBTC, which dropped $77 million, followed by Fidelity’s FBTC losing $19.85 million, and Bitwise’s BITB shedding $18.14 million.

On the brighter side, Grayscale’s Mini Bitcoin Trust, labeled “BTC,” topped the charts with $15.61 million in fresh inflows. Blackrock’s IBIT followed closely, pulling in $9.65 million by Friday afternoon. Meanwhile, funds like HODL, BRRR, BTCO, EZBC, BTCW, and DEFI remained steady, with no changes in their inflows or outflows. This activity pushed the total value of the 12 funds’ net BTC reserves down to $55.11 billion, now accounting for 4.6% of BTC’s market cap.

Sosovalue.xyz also reported that ethereum ETFs saw a $15.71 million decrease, primarily driven by Grayscale’s ETHE, which suffered a $41.68 million outflow. However, there were gains elsewhere: Blackrock’s ETHA attracted $19.64 million, Fidelity’s FETH added $3.89 million, and Grayscale’s Mini Ethereum Trust, or “ETH,” saw $2.44 million in positive inflows.

Despite these gains, the cumulative net inflows for ETH ETFs since July 23 remain in the red, down by $405.94 million, largely due to the $2.3 billion outflow from Grayscale’s ETHE during this period. Ethereum ETF trading volumes also pale in comparison to bitcoin’s, with a modest $166.88 million in volume on Friday versus $1.27 billion for bitcoin ETFs. Currently, the nine ETH ETFs hold $7.28 billion in ether, representing 2.34% of ETH’s market valuation.

Source: https://news.bitcoin.com/spot-bitcoin-and-ethereum-etfs-shed-millions-in-friday-trading/