Net Inflows in Bitcoin ETFs Drop by 55%!
According to SoSoValue data, 12 spot Bitcoin exchange-traded funds (ETFs) recorded a total net inflow of $39.42 million on August 21. This represents a 55% decrease from the $88.06 million net inflow seen on August 20.
Grayscale’s mini Bitcoin trust came to the fore with a net inflow of $14.2 million after three days of silence. Fidelity’s FBTC and Bitwise’s BITB followed with net inflows of $10.7 million and $10 million, respectively.
IBIT, BlackRock’s largest spot Bitcoin ETF by net asset size, received $8.4 million in net inflows on the day, bringing its total net inflow to $20.5 billion. Meanwhile, Invesco Galaxy’s BTCO and Franklin Templeton’s EZBC reported more modest net inflows of $2.5 million and $3.5 million, respectively.
These net inflows did not offset the $9.8 million outflow of Grayscale’s GBTC. GBTC’s total outflows have reached $19.6 billion since its launch date. The remaining five BTC ETFs remained neutral.
Trading volume of BTC ETFs rose to $1.42 billion on August 21, exceeding $1.35 billion on August 20. These funds have recorded a total net inflow of $17.56 billion since their launch. At the time of writing, Bitcoin (BTC) was trading at $60,788, up 1.8% in the last 24 hours.
Bitwise CIO Matt Hougan stated that the increase in adoption of Bitcoin ETFs is coming from institutional investors rather than retail investors. As of the second quarter of 2024, institutional ownership of US spot Bitcoin ETFs has increased to 24%. This increase occurred despite a difficult market and falling Bitcoin prices.
Big players like Goldman Sachs and Morgan Stanley own ETF shares worth $412 million and $188 million, respectively. Meanwhile, nine spot Ethereum ETFs saw outflows totaling $17.97 million on August 21, marking their fifth consecutive day of outflows.
Grayscale’s ETHE once again led the outflows with an exit of $31.1 million. This brings the fund’s total outflow since its launch on July 23 to $2.5 billion. Fidelity’s FETH, Grayscale’s ETH, and Franklin Templeton’s EZET recorded net inflows of $7.9 million, $4.2 million, and $1 million, respectively. The remaining five ETH ETFs did not experience any inflows throughout the day.
The daily trading volume of these investment instruments reached $201.03 million on August 21, a small increase from the previous day. Spot Ether ETFs have experienced a total net outflow of $458.08 million to date.
