U.S. spot Bitcoin exchange-traded funds (ETFs) recorded significant net outflows on Tuesday, continuing a streak of negative flows in the cryptocurrency market. According to data from SosoValue, 12 spot Bitcoin ETFs experienced net outflows totaling $287.78 million, marking the largest single-day outflows since May 1.
Among the ETFs, BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, reported no inflows or outflows for the day. Grayscale’s GBTC, the second-largest spot Bitcoin ETF, saw $50.39 million in outflows, while Fidelity’s FBTC ETF suffered the largest hit, with $162.26 million in net outflows.
Other ETFs also felt the impact of the market downturn. Ark and 21Shares’ ARKB reported outflows of $33.6 million, and Bitwise’s BITB saw $24.96 million withdrawn. Several other ETFs managed by VanEck, Valkyrie, Invesco, and Franklin Templeton also experienced modest outflows.
The outflows coincided with a broader market selloff, as Wall Street tumbled on Tuesday following the release of weaker-than-expected ISM manufacturing data. The U.S. ISM manufacturing index for August came in at 47.2%, a slight increase of 0.4 percentage points from July, but still indicating contraction in the sector.
Despite the selloff, trading volume for spot Bitcoin ETFs remained relatively stable, totaling $1.56 billion on Tuesday, up slightly from $1.54 billion last Friday. The U.S. market had been closed on Monday due to a holiday.
Ether ETFs Also Hit by Outflows
The outflows were not limited to Bitcoin ETFs; U.S. spot Ether ETFs also saw significant withdrawals. On Tuesday, these ETFs recorded net outflows of $47.4 million, the largest daily outflows since August 2.
Grayscale’s Ethereum Trust (ETHE) led the outflows among Ether ETFs, with $52.31 million withdrawn. In contrast, Fidelity’s FETH ETF bucked the trend, recording $4.91 million in net inflows. Seven other spot Ether ETFs reported no activity for the day. The trading volume for these Ether ETFs fell to $163.5 million on Tuesday, down from $173.66 million last Friday.
Amid the market turmoil, Bitcoin’s price dropped 3.93% over the past 24 hours, trading at $56,679 at the time of writing. Ether also suffered a decline, sliding 5.44% to $2,377, according to The Block’s price page.
