U.S.-based spot Bitcoin ETFs witnessed significant net outflows, reaching the highest level in four months, according to data from Farside Investors.
Financial Data
On August 3, spot Bitcoin ETFs in the U.S. saw net outflows of $287.8 million, continuing a five-day downward trend that started on May 1. The majority of outflows came from Fidelity’s FBTC and Grayscale’s GBTC funds, which lost $162.3 million and $50.4 million, respectively.
Key Participants
Additionally, ARK 21Shares ARKB and Bitwise’s BITB funds recorded $33.6 million and $25 million in outflows, respectively. The funds EZBC, HODL, BRRR, and BTCO joined the bearish momentum, losing $8.4 million, $3.3 million, $2.5 million, and $2.3 million, respectively. The largest fund, BlackRock’s iShares Bitcoin Trust ETF, remained neutral, along with BTCW and Grayscale’s mini BTC fund.
Stock and Crypto Markets
Bitcoin’s price dropped 4.6% over the past 24 hours and is trading at $56,330 at the time of writing, briefly touching a one-month low of $55,670. Spot Ethereum ETFs also remained bearish with a net outflow of $47.4 million. Ethereum’s price fell by 5.5% and stands at $2,370.
The spot Bitcoin ETF market is experiencing significant volatility, which is also reflected in the prices of leading cryptocurrencies. Investors continue to monitor market developments closely.
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