The BTC and ETH ETFs in the US experienced significant outflows on August 2nd. Spot On Chain, a popular on-chain analytics provider, revealed that Bitcoin ETFs saw $237M in outflows, while Ethereum ETFs recorded $54M in outflows. This sudden development was disclosed by the on-chain analytics firm on its official X account.
The BTC ETFs experienced the largest outflow since May 2nd, with $237M exiting the ETFs on August 2nd. This event signifies a notable change in the market dynamics for BTC ETFs in the US. The exclusion of $237M represents the largest single-day outflow in recent months.
Furthermore, this outflow indicates increasing selling pressure and potentially impacting investors’ profits. Over the past seven days, the ten US BTC exchange-traded funds saw a total outflow of $80.7M, with outflows occurring on two out of five trading days. This suggests a decrease in portfolio rebalancing or investor confidence. Notably, eight out of ten Bitcoin ETFs in the US did not receive any inflows during this trading week.
However, BlackRock’s IBIT and Grayscale Mini emerged as exceptions, experiencing inflows due to resilient investor trust or market positions. The Ethereum ETFs also faced a similarly bleak scenario, with $54M in cumulative outflows on August 2nd. This contributes to a broader trend of decreased inflows and increased outflows. The nine US ETH ETFs saw outflows of up to $169M during the second week of trading, occurring on three out of five trading days. This consistent outflow suggests strategic withdrawals or declining investor interest.
Grayscale’s ETHE fund had the least outflow, with $61.4M. This highlights a retreat from a significant player in the Ethereum ETF sector. The remaining eight ETH ETFs also saw decreased inflows. According to Spot On Chain, this indicates a broader trend of decreasing investor enthusiasm for ETH ETFs.