KEY TAKEAWAYS

• Bitcoin ETF outflows are on a seven-day streak totalling over $1 billion in exits.

• Ethereum ETF inflow/outflow rates remain muted.

• Most BTC and ETH funds have seen neutral flows in the past week.

U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) have hit day seven of a brutal outflow streak, whilst Ethereum ETFs struggle to see major flows in either direction….typical ETH.

Bitcoin ETFs

As per data provided by SoSoValue, Bitcoin ETFs saw $211.15 million in net outflows on Sept. 5, 2024, marking their seventh consecutive day of exits. So far in this losing streak, funds have collectively lost over $1 billion in outflows.

Bitcoin ETF flows. Source: SoSoValue

Leading today’s losses is Fidelity’s Wise Origin Bitcoin Fund (FBTC), which saw $149.49 million in net outflows. After briefly glancing $10 billion in cumulative net inflows, the fund has since seen six days of continued outflows. This marks its third-largest day of exits.

The Bitwise Bitcoin ETF (BITB) saw a modest $30 million in exits, as did the Grayscale Bitcoin Trust (GBTC) with $23.22 million in net outflows. Though small, Grayscale’s BTC fund is just millions away from having $20 billion in cumulative net outflows.

Furthering these losses, the newly launched Grayscale Bitcoin Mini saw its second-ever day of net outflows, shedding $8.45 million from the fund. The remaining 8 funds saw neutral flows.

Ethereum ETFs

As per data from SoSoValue, Ethereum ETFs have recorded their smallest day of exits since launching, posting $152,720 in cumulative net outflows on day three of their outflow streak.

Making some notable gains, the Grayscale Mini Ethereum Trust pulled a healthy $7.24 million in net inflows, bringing its cumulative net inflows to $249.69 million.

Though seemingly balancing itself out, the Grayscale Ethereum Trust (ETHE) posted the only outflows for the day, shedding $7.39 million from its fund. This brings its cumulative net outflows to $2.66 billion.

Neutral Flows

Although BTC and ETF funds have regularly posted net outflows for the day, these figures are often disproportionately affected by the likes of Grayscale with its gigantic outflows.

Interestingly, the leading Bitcoin ETF, BlackRock’s iShares Bitcoin Trust (IBIT), has run mostly neutral since July 27, with just one day of outflow totaling $13.51 million. The same with its iShares Ethereum Trust (ETHA), which since Aug. 21 has posted neutral flows, with just one day of inflows on Aug. 28.

A similar trend is seen across a majority of other BTC and ETH funds, which comes at a time when market uncertainty continues to grow. With BTC volatility following bearish patterns, and ETH doing the same, institutional investors are likely in HODL mode.

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_{- Addison}

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research.