In a notable turn of events, US spot Bitcoin ETFs have recorded substantial outflows after eight consecutive days of positive inflows. According to data from SoSoValue, the BTC ETFs saw $127 million in net outflows on Tuesday.
This reversal comes after an impressive run where these funds had accumulated a substantial $756 million in net inflows.
US Spot Bitcoin ETFs Break Eight-Day Positive Flow
The outflows mostly came from Ark & 21Shares’ ARKB, which recorded a staggering $101.97 million negative flows. This marked a major shift for ARKB, which had been one of the standout performers during the recent inflow streak.
Grayscale’s GBTC, another major player in the space, also contributed to the downturn, with net outflows of $18.32 million. Bitwise’s BITB followed suit, shedding $6.76 million.
Meanwhile, eight funds, including BlackRock’s IBIT, reported no flows on Tuesday, adding to the day’s passive market activity.
Interestingly, the trade volume for US spot Bitcoin funds, excluding Valkyrie’s BRRR (which has yet to be updated), remained strong at $1.2 billion. This figure shows that while outflows dominated the day, there is still significant trading activity within the market.
Since the beginning of the year, the US spot BTC ETFs have managed to attract $17.95 billion in net inflows. This reflects the strong investor interest in these products despite the recent outflows.
Spot Ether ETFs Maintain Continuous Outflows
On the other hand, spot Ether ETFs continued their downward trajectory, marking their ninth consecutive day of net outflows.
The sector reported $3.45 million in negative flows on Tuesday, mainly driven by Grayscale’s Ether fund, which saw a $9.18 million outflow. However, modest inflows into other funds counterbalanced this outflow.
A good example is Fidelity’s FETH, which attracted $3.88 million, and Bitwise’s ETHW, which brought in $1.86 million. Despite these inflows, the trading volume for spot Ether funds has drastically decreased.
This decline is particularly evident from Monday’s $129.95 million trading volume, significantly down from the late July peak of around $900 million. The net outflows for spot Ether funds now stand at $481.32 million.
Meanwhile, the broader digital asset market also reflected the bearish sentiment, with Bitcoin’s price dropping 5.75% over the past 24 hours to $59,514. Besides Bitcoin, Ether recorded an even steeper decline of 8.02%, trading at $2,481.
Notably, Ether’s price is reacting to a major transfer of 35,000 ETH on August 23 from the Ethereum Foundation. This kind of transfer is particularly notable with the entity as the price of Ether declines every time it occurs.
Hence, the market downturn reflects a potential cooling of investor confidence in the short term.
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