U.S. Spot Bitcoin ETFs See Net Outflows in August Despite Eight-Day Inflow Streak
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
In August, U.S. spot Bitcoin exchange-traded funds (ETFs) experienced a net outflow of approximately $94 million.
The shift to negative territory came despite an encouraging eight-day streak of positive inflows earlier in the month.
Data from SoSoValue reveals that spot Bitcoin ETFs had their best day of the month on August 23, netting over $250 million.
However, the positive momentum was not enough to counterbalance the $237 million lost on August 2, the worst day for these funds in August.
As a result of Bitcoin’s declining price from earlier highs in the month, the total net assets held by all commercially available Bitcoin funds decreased by $4.24 billion, bringing the total to around $53.8 billion by the end of August.
The latter part of the month saw a reversal in fortunes, with net outflows surpassing inflows.
Notably, industry leader BlackRock’s IBIT fund recorded its first outflows since May, contributing to the overall negative monthly performance.
On the final trading day of the month, IBIT and most other funds reported zero net inflows, while four funds logged outflows.
Grayscale’s GBTC saw the largest outflow on that day, with $70 million leaving the fund, bringing its year-to-date cumulative outflows close to $20 billion.
Other notable outflows included $65 million from ARK and 21Shares’ ARKB, $16 million from Bitwise’s BITB, nearly $13 million from Fidelity’s FBTC, and $11 million from Invesco’s BTCO.
On the Ethereum side, spot Ether ETFs also faced challenges.
On the last trading day of August, they recorded no
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