Bitcoin ETFs experienced a significant outflow of $54.2 million on Thursday, marking the third consecutive day of net outflows. This trend has resulted in a total of $361.2 million being withdrawn from these ETFs over the past three days. The main contributors to this outflow on Thursday were Ark’s ARKB with $58.0 million and Fidelity’s FBTC with $37.2 million. However, BlackRock’s IBIT saw an inflow of $36.0 million. Despite these outflows, the 11 ETFs have collectively attracted $18.5 billion in investor funds since their inception.
Investors who have deposited money into these ETFs have seen varying degrees of returns, ranging from 3% to 10%. The average cost basis for these investments falls between $54,911 and $59,120. Glassnode data indicates that investors in Fidelity’s FBTC have a cost basis of $54,911, while Grayscale investors stand at $55,943, and BlackRock investors at $59,120. These cost bases have provided crucial price support for bitcoin, particularly during market corrections.
On the other hand, ether ETFs also experienced net outflows of $3.2 million on Thursday. The majority of these outflows came from Grayscale’s ETHE, totaling $14.7 million. Despite this, BlackRock ETHA saw an inflow of $12.1 million. Overall, ether ETFs have witnessed a total outflow of $555.4 million.
Despite these outflows, the performance of both BTC and ETH ETFs remains strong compared to industry standards. According to Nate Geraci, President of the ETF Store, out of the 525 ETFs launched in 2024, 13 of the top 25 are bitcoin or ether-related.
As of the latest data available, bitcoin was trading at $61,608, while ether was priced at $2,391. It is important to note that CoinDesk, the source of this information, upholds strict editorial policies to ensure integrity, independence, and freedom from bias in its publications. CoinDesk is part of the Bullish group, which is involved in digital asset investments. Additionally, CoinDesk employees may receive compensation in the form of equity from the Bullish group.
James, a senior analyst at CoinDesk specializing in Bitcoin and the macro environment, closely monitors ETFs, spot and futures volumes, and flows to gain insights into the cryptocurrency market. His previous experience in on-chain analytics at a Swiss hedge fund has equipped him with valuable skills to analyze market trends and investor behavior.