Cryptocurrency ETFs in the U.S. experienced simultaneous outflows on August 2, with both Bitcoin and Ethereum ETFs recording net losses for the day.
For Bitcoin ETFs, a total outflow of $237.4 million was observed, marking the largest withdrawal since May. Fidelity’s Wise Origin Bitcoin Fund (FBTC) saw the largest outflow of $104.1 million, followed by ARKB with $87.7 million in outflows. Grayscale’s GBTC, Bitwise’s BITB, and VanEck’s HODL also experienced significant outflows on that day.
In contrast, BlackRock’s IBIT and Grayscale’s Grayscale Bitcoin Mini Trust were among the few Bitcoin ETFs that saw inflows on August 2. Despite these inflows, total withdrawals from all spot BTC ETFs amounted to approximately $80.68 million for the week.
On the other hand, Ethereum ETFs also faced outflows of $54.3 million on the same day, led by Grayscale’s ETHE. Fidelity’s FETH and Franklin’s EZET were the only ETFs to record inflows, although these were not enough to offset the overall loss for Ether ETFs.
Throughout the week, both Bitcoin and Ethereum ETFs experienced substantial withdrawals, reflecting a bearish sentiment in the market. The total daily trading volume for these ETFs fluctuated but remained relatively high compared to previous days.
The joint outflows from both BTC and ETH ETFs on August 2 came as a reversal from the previous day, where both products saw positive inflows. These outflows coincided with a 4.5% drop in the global cryptocurrency market cap, with Bitcoin and Ethereum prices also declining.
Bitcoin’s price fell by 4.4% to $62,000, while Ethereum experienced a larger decline of 5% and is currently trading around $3,000. The market movements and investor sentiment indicate a period of uncertainty and volatility in the cryptocurrency space, impacting ETF flows and overall trading volumes.
