The crypto ETF investment segment has had a clear reaction to the plunge of the crypto and US stock markets in the past 12 hours.
Bitcoin ETF had the largest outflow day in 3 months with an outflow of 237 million USD
According to the latest data from SpotOnChain, US Bitcoin spot ETFs closed the August 2 trading session (US time) with an outflow of up to 237.4 million USD .
This is the highest outflow level since May 1, when these investment products recorded a cash outflow of up to 563.7 million USD .
Inflow/outflow statistics of Bitcoin and Ethereum ETFs on August 2, 2024. Source: SpotOnChain
Leading the selling force is Fidelity's FBTC fund with an outflow of up to 104 million USD, followed by ARK Invest's ARKB with 87.7 million USD and Grayscale's GBTC with 45.9 million USD.
On the contrary, BlackRock's IBIT fund and Grayscale's BTC had inflows of 42.8 million USD and 9.9 million USD, respectively. Inflow of the BTC fund has almost completely evaporated compared to the 191 million USD mark a day earlier .
In total, 11 US Bitcoin spot ETFs closed last trading week with a net outflow of $80.7 million , breaking the weekly inflow chain since early July until now.
Statistics on inflow/outflow of US Bitcoin ETF funds in the past 30 days. Source: SpotOnChain (August 3, 2024)
As reported by Coin68, Bitcoin in the past 12 hours has dropped from 65,000 USD to 60,500 USD because of the influence of the US stock market after news that the unemployment rate in the world's largest economy increased beyond forecasts. , raising many worries about the risk of recession.
Meanwhile, Ethereum ETFs ended the second trading week with a total outflow of 169.4 million USD, including the outflow on August 2 of 54.3 million USD.
Apart from Fidelity's FETH fund and Franklin Templeton's EZET fund with little inflow, the remaining funds did not record new Capital inflows, leaving the dominance to outflow from Grayscale's ETHE fund.
Statistics on inflow/outflow of US Ethereum ETF funds in the past 9 days. Source: SpotOnChain (August 3, 2024)
It has been predicted that the Ethereum ETF will have a massive outflow of money in the first weeks of trading, when investors will convert positions from the existing product ETHE with a management fee of 2.5 %/year to new funds, which have fees up to ten times lower.
BTC and ETH prices are both falling sharply at the time of writing, almost erasing the growth since early July.
4h chart of the BTC/ USDT pair on Binance at 11:15 AM on August 3, 2024
4h chart of the ETH/ USDT pair on Binance at 11:15 AM on August 3, 2024
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