On Sept. 4, 2024, the 12 U.S. spot bitcoin exchange-traded funds (ETFs) saw $37.29 million in outflows, while their ethereum counterparts, the nine spot ether ETFs, experienced roughly $37.51 million in reductions.
Bitcoin and Ethereum ETFs Record $74 Million in Outflows, Grayscale Funds Lead Losses
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Grayscale’s GBTC and ETHE Lead Withdrawals
Both bitcoin and ethereum ETFs saw money flowing out on Wednesday, with nearly identical divestments. According to sosovalue.xyz, $37.29 million exited the 12 spot BTC funds, with Grayscale’s GBTC taking the biggest hit, losing $34.25 million. Fidelity’s FBTC also felt the pinch, shedding $7.59 million, while Vaneck’s HODL fund experienced a smaller loss of $4.91 million.
On a brighter note, Bitwise’s BITB managed to buck the trend, being the sole fund to record gains on Wednesday, bringing in $9.46 million in inflows. Meanwhile, IBIT, ARKB, Grayscale’s Mini Bitcoin Trust, BRRR, BTCO, EZBC, BTCW, and DEFI all had a neutral day, with no changes in value. The $37.29 million divested has brought the total cumulative net inflows for the 12 BTC funds down to $17.27 billion.
On the ethereum side, the nine ETH-based funds saw a collective $37.51 million divested. Grayscale’s ETHE fund bore the brunt of the losses, seeing $40.63 million exit. However, this was slightly balanced by Grayscale’s Mini Ethereum Trust, which gained $3.12 million. None of the other ether funds showed any movement in gains or losses, according to sosovalue.xyz metrics. The cumulative net outflows for ETH ETFs now total $562.16 million.
Trade volume for bitcoin funds reached $1.41 billion, while ether funds recorded $145.87 million in activity. As of Sept. 4, 2024, BTC ETFs now hold $52.58 billion in bitcoin, representing 4.59% of bitcoin’s market cap. Meanwhile, the nine ether ETFs hold $6.73 billion, which accounts for 2.28% of ethereum’s market value.
What do you think about the spot ETF action on Wednesday? Share your thoughts and opinions about this subject in the comments section below.
