Bitcoin ETF
Bitcoin, Ethereum ETFs record joint outflows for first time
Published
3 months agoon
By
adminSpot Bitcoin and Ethereum exchange-traded funds in the U.S. recorded joint outflows for the first time on Aug. 2.
Bitcoin ETFs see outflows of $237.4m
The 11 spot Bitcoin (BTC) ETFs in the U.S. experienced a net outflow of $237.4 million at the end of the trading day on Friday, Aug. 2. This is the largest outflow from these investment products since the beginning of May when they experienced $563.8 million in outflows.
Interestingly, the largest outflows on that day were seen by the Fidelity Wise Origin Bitcoin Fund (FBTC), losing $104.1 million in outflows, followed by Ark and 21Shares’ ARKB with $87.7 million in outflows.
This was followed by Grayscale’s GBTC, which continued its downward movements, losing $45.9 million in outflows yesterday. Bitwise’s BITB and VanEck’s HODL also saw $29.4 million and $23 million in outflows, respectively.
BlackRock’s IBIT and Grayscale’s newly launched Grayscale Bitcoin Mini Trust were the only Bitcoin ETFs to experience inflows yesterday of $42.8 million and $9.9 million, respectively. The remaining spot BTC ETFs remained neutral.
Overall, the week ended negatively, with total withdrawals from all spot BTC ETFs at approximately $80.68 million.
According to SoSoValue data, the total daily trading volume for these financial instruments was $2.34 billion on Friday, Aug. 2, down from $2.91 billion recorded on Thursday, Aug. 1, but still much higher than the $1.37 billion recorded on Wednesday, July 31.
Ethereum ETFs also log outflows of $54.3m
The nine U.S. spot Ethereum (ETH) ETFs also recorded a net outflow of $54.3 million on Aug. 2, led by Grayscale’s ETHE with $61.4 million in outflows.
Fidelity’s FETH and Franklin’s EZET were the only ETFs to record inflows, at $6 million and $1.1 million, respectively. These were significantly less than ETHE’s outflows and could not offset the overall loss. The remaining Ether ETFs saw no net flow on that day.
The past week was even harsher for ETH ETFs, with substantial withdrawals of $169.4 million over the last five trading days.
Per data from SoSoValue, the total daily trading volume for these spot Ethereum ETFs was $438.61 million on Friday, Aug. 2. That’s much higher than the $331.11 million recorded on Thursday, Aug. 1, but still lower than $472.5 million on Wednesday, July 31.
The joint outflows from spot BTC and ETH ETFs on Aug. 2 marked a flip from the scenario on Aug. 1, when both ETF products saw joint positive inflows for the first time since the launch of the nine spot Ether ETFs on July 23.
Meanwhile, the latest outflows from these investment products coincided with a 4.5% drop in the global cryptocurrency market cap over the last 24 hours, according to data from CoinGecko.
Bitcoin’s price decreased by 4.4% and is now priced at $62,000. Meanwhile, Ethereum saw a larger decline of 5% and is trading at approximately $3,000.
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Bitcoin
BlackRock’s IBIT records largest outflow day as Bitcoin ETFs log third consecutive day of outflows
Published
2 days agoon
November 6, 2024By
adminOn Nov. 5, BlackRock’s spot Bitcoin exchange-traded fund, BITB, recorded its largest net outflow day since inception, with $44.2 million leaving the fund.
Since its launch in January, BlackRock’s BITB has experienced only six days of outflows, with the previous largest single-day outflow of $36.9 million on May 1.
According to data from Farside Investors, the 12 spot Bitcoin ETFs recorded a net outflow of $116.8 million on Nov. 5, extending their outflow streak to three consecutive trading days. However, these outflows were significantly lower than the $541.1 million recorded on Nov. 4, which marked the second-largest outflow day for these investment products.
Across the sector, outflows were dominated by Fidelity’s FBTC, which saw $68.2 million withdrawn, leading the day’s redemptions. Other funds also posted notable outflows, including ARK Invest and 21Shares’ ARKB, which saw $12.5 million in redemptions, Franklin Templeton’s EZBC with $6 million, VanEck’s HODL with $3.9 million, and Valkyrie’s BRRR, which reported $1.3 million in net outflows.
In contrast, Biwise’s BITB was the only spot Bitcoin ETF to log net inflows, with $19.3 million entering the fund. Grayscale’s GBTC and several other spot Bitcoin ETFs saw zero flows for the day.
Bitcoin defies ETF outflows, surges to record high
Despite ETF outflows extending for a third day, Bitcoin’s price rose sharply overnight.
CoinGecko data shows Bitcoin (BTC) reaching an unprecedented $75,000 in a potential reaction to election news that former President Donald Trump might be gaining momentum in early voting.
The flagship cryptocurrency later retreated slightly, trading up 8.7% at $74,563 at the time of reporting.
Bitcoin’s performance has remained strong, especially following its previous all-time high of $73,797 set on March 14, though it has mostly traded below $70,000 for much of the year.
While Bitcoin ETFs experienced significant outflows, U.S.-based spot Ethereum ETFs had a quieter day, registering zero net flows on Nov. 5, according to Farside Investors. However, Ethereum (ETH) mirrored Bitcoin’s upward price momentum, gaining 6.7% to trade just above $2,600.
According to CoinGecko data, the global crypto market capitalization increased by 6.6% over the past day, reaching $2.58 trillion.
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Bitcoin ETF
Ethereum ETFs see $10m patronage from Michigan State
Published
3 days agoon
November 4, 2024By
adminEthereum ETFs recorded their first State Pension Fund purchase, as Michigan acquired shares from two funds offered by Grayscale.
According to a Securities and Exchange Commission filing, the State of Michigan became a top five holder of Grayscale’s spot Ethereum (ETH) exchange-traded funds. Michigan’s Form 13F disclosed that the state owns a cumulative $10 million of Grayscale’s ETH and ETHE products.
Bloomberg ETF expert Eric Balchunas noted that Michigan held more shares in ETH ETFs than in its spot Bitcoin (BTC) ETF holdings.
Not only did Michigan’s pension buy Ether ETFs but they bought more then they did of Bitcoin ETFs, $10m vs $7m. This despite BTC being up a ton and Ether in the gutter. Pretty big win for ether which could use one.
Eric Balchunas, senior Bloomberg ETF analyst
The crypto community expressed mixed reactions to this first state fund investment in ETH products. Some praised the move as bullish for Ethereum, while others criticized Michigan’s government investors for allocating less to Bitcoin ETFs.
Rug Radio creator Daito Yoshi likened the move to a strategic business decision. Yoshi suggested on X that other government-backed investors may also deploy capital to ETH products.
I wonder where other institutions will choose to allocate in order to catch up with BTC gains once we hit $100K and they realize they’ve missed the BTC boat.
Daito Yoshi, Rug Radio creator
Bitcoin and Ethereum ETFs have been trading for months, with BTC funds as clear leaders in the crypto investment space. Over $70 billion is held in Bitcoin ETFs compared to less than $10 billion in Ethereum funds.
However, institutional interest in crypto ETFs has generally grown. Traditional finance firms have invested about $13 billion on Bitcoin ETF shares alone this year.
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Bitcoin
Bitcoin ETFs record total daily outflow of $54.94 million as BTC hovers at $69,000
Published
5 days agoon
November 2, 2024By
adminThe U.S. Bitcoin spot exchange-traded funds have recorded a daily outflow of $54.94 million as of Nov. 1, and Ethereum follows suit with a $10.93 million outflow.
The latest data from SoSoValue shows that the U.S. Bitcoin (BTC) spot ETFs exhibited a $54.94 million outflow on Nov. 1.
The one-day net inflow of IBIT stood at $0. According to the data, the cumulative net inflow of IBIT stood at $26.14 billion.
On the other hand, GBTC exhibited a $5.51 million outflow, which has brought its cumulative net inflow to -$20.16 billion.
FBTC, ARKB, and BITB showcased a net outflow of $25.64 million, $24.13 million, and $5.64 million, respectively.
Grayscale Bitcoin Mini Trust is the only one that enjoyed an inflow of $13.51 million. This has brought its cumulative net inflow as of Nov. 1 to $502.07 million.
The majority of the Bitcoin ETFs reported outflows primarily rather than inflows. The cumulative total net inflow of all Bitcoin ETFs came around $24.15 billion as of Nov. 1.
Ethereum ETFs record $10.93 million in outflow
In comparison to Bitcoin ETFs, Ethereum (ETH) ETFs also recorded a negative outflow date with $10.93 million. The cumulative total net inflow also stood at -$491.44 million as per SoSoValue data.
Interestingly, ETHE is the only Ethereum ETF that recorded an outflow of $11.43 million. This brought its cumulative net inflow to -$3.13 billion.
Other ETFs, including ETHA, ETH, FETH, ETHW, ETHV, and EZET, stood at $0 with no inflow or outflow.
QETH, on the other hand, enjoyed over $502,000 in inflow, bringing its cumulative net inflow to $25.82 million.
The poor inflow comes when the overall crypto market cap has plunged to $2.32 trillion. Bitcoin price has dropped to the $69,400 level, while Ethereum has gone down to the $2,490 level at press time.
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