During the course of their continuing four-day negative flow streak, spot Bitcoin exchange-traded funds (ETFs) have seen a decrease in outflows, while spot Ether ETFs have seen a reduction in outflows. This represents a 42% increase in comparison to the net inflows that were observed on August 20.
Market data indicates that the 12 spot Bitcoin exchange-traded funds (ETFs) witnessed inflows of $88.06 million on August 21. IBIT, which is owned by BlackRock, established itself as the leader with inflows of $55.4 million, raising its total since its creation to $20.53 billion. During the second day in a row, it was the sole fund that reported receiving positive cash flows. Following a day in which there was no action, ARK 21Shares’ ARKB followed after with inflows totaling $51.9 million.
On the other hand, these gains were offset by outflows from Grayscale’s GBTC and Biwise’s BITB, which resulted in the exit of $12.8 million and $6.5 million, respectively. Particularly noteworthy is the fact that the prior day was the first time that GBTC found no flows. The eight Bitcoin exchange-traded funds that were left remained unmoved.
When compared to the $779 million that was witnessed the day before, the trading volume for Bitcoin exchange-traded funds (ETFs) increased by 73% to reach $1.35 billion on August 21. Since the beginning of their existence, these funds have accumulated a total net inflow of $17.52 billion by this point.
Bitcoin had experienced a decrease of 1.7% and was currently trading at $60,665 at the time of this writing. By the end of the second quarter of 2024, institutional ownership in spot Bitcoin exchange-traded funds in the United States had increased to 24 percent, despite the harsh market conditions and falling values of Bitcoin.
The amount of money that major institutions like Goldman Sachs and Morgan Stanley have in exchange-traded fund (ETF) shares is $412 million and $188 million, respectively. However, it is likely that some of these assets are held on behalf of their clients.
Ether ETF Outflows Reach $6.49M Amid Market Challenges
On the other hand, the nine Ethereum exchange-traded funds have collectively seen withdrawals amounting to $6.49 million on August 21. This marks the fourth consecutive day that outflows have occurred. ETHE, which is managed by Grayscale, once more led the withdrawals, with $37 million leaving the fund.
This brings the total amount of money that has left the fund since it was launched on July 23 to $1.47 billion. In the meantime, the only exchange-traded funds (ETFs) that experienced inflows were BlackRock’s ETHA and Biwise’s ETHW, which received $26.8 million and $3.7 million, respectively. The other six Ethereum exchange-traded funds (ETFs) did not experience any trading activity during the day.
There was a considerable increase in the amount of trading for these investment vehicles, which reached $194.6 million, which is a significant increase from the previous day. Since the beginning of the year, spot Ether exchange-traded funds have accumulated a total net outflow of $440.11 million. With a price of $2,618 at the time of publication, Ethereum has also experienced a decrease of 2.6%.
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