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Spot Bitcoin ETFs Face $43 Million In Outflows After Two Days Of Inflows

Ash Tiwari
by Ash Tiwari
11 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

US-based spot Bitcoin (BTC) exchange-traded-funds (ETFs) saw a net outflow of $43 million on September 11, 2024, following two days of inflows, data from SoSoValue confirms.

Ark Invest and Grayscale Lead Bitcoin ETF Outflows

According to data from SoSoValue – a crypto ETF data provider – US spot BTC ETF outflows were led by Ark Invest and 21Shares’ ARKB, which witnessed a net outflow of $54 million yesterday. This was followed by Grayscale’s GBTC spot Bitcoin ETF, which experienced a net outflow of $4.6 million. Notably, another Grayscale product called the Bitcoin Mini Trust saw a net outflow of $511,000. 

Related Reading: SEC Postpones Approval Of Hashdex Mixed Bitcoin And Ethereum ETF

Conversely, the net inflows for the day were spearheaded by Fidelity’s FBTC, which attracted close to $12.6 million. This was followed by Invesco’s BTCO which observed $2.59 million in net inflows. 

Ethereum (ETH) ETFs had a similar day as they witnessed $542,000 in net outflows. Although Fidelity’s FETH attracted $1.17 million in net inflows, it was annulled by $1.71 million in net outflows seen in VanEck’s ETHV product.

Cumulatively, the 12 spot Bitcoin ETFs tracked by SoSoValue have amassed $17 billion in net inflows since their inception in January 2024. By contrast, the 9 spot Ethereum ETFs’ cumulative net outflow is approximately $563 million. 

Among other factors, the stark difference between the performance of Bitcoin and Ethereum ETFs could be attributed to the fact that Ethereum ETFs didn’t have the kind of anticipation within the crypto industry or high level of interest from institutional investors that Bitcoin ETFs likely benefitted from during their launch.

What Could ETF Outflow Suggest About Investor Confidence?

Outflows from Bitcoin and Ethereum ETFs could indicate that the investors are practicing caution ahead of the sensitive macroeconomic events that could induce volatility in the crypto markets, such as the US Federal Reserve’s (Fed) decision to cut interest rates next week or the US Presidential Elections scheduled in November 2024.

Related Reading: Bitcoin Spot ETFs Witness Month-High Inflow Following Latest Market Downturn

Given that the aforementioned net outflows occurred after two days of net inflows, it could be worth considering whether yesterday’s higher-than-anticipated US core CPI reading had any impact on investors’ decision to pull some funds out of their digital asset ETFs. 

It’s also possible that the more savvy investors could just be pulling their funds out anticipating better entry points to reinvest in these assets, meaning a temporary upcoming pull-back in BTC and ETH prices could be on the horizon. As a result, the net outflows might be a sign of strategic profit-taking by investors instead of a loss of confidence in the underlying asset class.

Recent developments indicate that institutional appetite for digital assets is not slowing down. BlackRock – the world’s largest asset manager – eclipsed Grayscale to cement itself as the company with the highest crypto ETF holdings.

Further, a report by cryptocurrency exchange Gemini noted that Bitcoin and Ethereum ETFs have generated inflows worth billions of dollars from institutional investors. However, regulatory gray clouds surrounding crypto remain a cause of concern.

At press time, Bitcoin is trading at $57,656, up 1.3% in the past 24 hours with a total market cap of $1.14 trillion. Ethereum trades at $2,343, up a modest 0.2% in the last 24 hours with a total market cap of $281.7 billion. The total crypto market cap stands at $2.12 trillion, witnessing a rise of 0.3% in the last 24 hours, according to data from CoinGecko.

bitcoin
Bitcoin continues to trade in a tight range on the daily chart | Source: BTCUSDT on TradingView.com
Featured Image from Unsplash.com, Chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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