Spot & ETFs
Bitcoin ETFs Experience $201.9M Outflow, Ending Nine-Day Inflow Streak
On August 28, U.S. spot Bitcoin ETFs faced a notable setback, recording net outflows of approximately $201.9 million, equivalent to about 2,689 BTC. This marked the first daily outflow since mid-August, concluding a nine-day inflow streak that had accumulated over $3 billion.
During the same session, Bitcoin was trading within the $77,696 to $78,000 range. The outflow was not evenly distributed among funds, with ARK 21Shares experiencing the largest hit at around $114.9 million, followed by Bitwise with approximately $49.7 million, and BlackRock’s Bitcoin fund losing about $33.4 million.
Despite this outflow, the cumulative net inflows for Bitcoin ETFs since their launch remain robust, estimated at around $55.1 billion, with total net assets in the range of $97 billion to $100 billion.
In contrast, Ethereum ETFs maintained their momentum, attracting approximately $102.1 million in inflows on the same day. This extended their inflow streak to ten days, bringing cumulative net inflows close to $12.9 billion and total net assets around $13.8 billion. The inflow for Ethereum on August 28 alone translated to roughly 31,399 ETH entering spot funds.
New Insights on Bitcoin Derivatives and ETF Flows
- As of August 25, leveraged funds held a net short position of 41,252 BTC-equivalent across CME Bitcoin futures.
- In contrast, the CFTC snapshot indicated a net long position of only 151 BTC in Coinbase's nano Bitcoin perpetual-style contracts.
- The open interest across CME products was 118,267 BTC-equivalent, compared to just 2,322 BTC on Coinbase, making CME's position approximately 51 times larger.
- CME's leveraged-fund net short was about 272 times greater than Coinbase's net long position.
- During the week of August 18 to August 25, CME's standard-contract net short increased by 3,295 BTC, while the micro net short rose by 777 BTC, totaling a bearish shift of 4,072 BTC.
- US spot Bitcoin ETFs saw a significant inflow of $1.12 billion from August 24 to August 27, followed by a $201 million outflow on August 28, resulting in a net positive of $924 million over five sessions.
FAQ
What caused the $201.9 million outflow from Bitcoin ETFs on August 28?
The outflow was attributed to a notable market shift, ending a nine-day inflow streak that had accumulated over $3 billion. Specific funds like ARK 21Shares, Bitwise, and BlackRock's Bitcoin fund experienced the largest losses.
How does the recent outflow compare to previous inflow trends for Bitcoin ETFs?
The $201.9 million outflow marked the first daily outflow since mid-August, concluding a streak of inflows that had seen over $3 billion added to Bitcoin ETFs.
What were the trading prices of Bitcoin during the outflow on August 28?
On August 28, Bitcoin was trading within the range of $77,696 to $78,000.
How do the cumulative net inflows for Bitcoin ETFs since their launch stand?
Despite the recent outflow, cumulative net inflows for Bitcoin ETFs since their launch remain strong, estimated at around $55.1 billion, with total net assets between $97 billion and $100 billion.
Did Ethereum ETFs experience similar outflows on the same day?
No, Ethereum ETFs experienced inflows of approximately $102.1 million on August 28, extending their inflow streak to ten days and bringing cumulative net inflows close to $12.9 billion.