On Tuesday, U.S. Bitcoin Spot ETFs saw a significant shift, ending an eight-day period of positive inflows. After accumulating $756 million during the rally, these funds faced $127 million in net outflows. Notably, Ark’s ARKB and 21Shares led the decline with $101.97 million in negative inflows, according to SoSoValue data. Grayscale’s GBTC and Bitwise’s BITB also contributed to the downturn, with outflows of $18.32 million and $6.76 million, respectively. Eight other funds, including BlackRock’s IBIT, saw no change in activity.
Spot Ether ETFs Continue to Struggle
In parallel, spot Ether ETFs reported their ninth consecutive day of outflows, recording $3.45 million in negative inflows on Tuesday. Grayscale’s Ether Fund experienced the largest outflow with $9.18 million, while Fidelity’s FETH saw $3.88 million in inflows, and Bitwise’s ETHW attracted $1.86 million. The trading volume for Ether funds remains notably lower at $129.95 million, a stark contrast to the peaks observed in late July. Overall, Ether ETFs have accumulated net outflows of $481.32 million, reflecting ongoing challenges in the market.
These trends underscore a significant shift in investor sentiment and highlight the volatility affecting both Bitcoin and Ether ETFs as market dynamics continue to evolve.
August 2024, Cryptoniteuae
