NEW YORK, August 20, 2024 ——US spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) experienced one of their quietest trading weeks as the crypto markets remained stagnant.
Bitcoin ETFs
According to SoSoValue data, Bitcoin ETFs recorded weekly net inflows of $32.58 million, their lowest since launching.The week saw minimal inflows and outflows, with the largest inflow day reaching just $38.9 million. There was only one day of cumulative net outflows, with $81.36 million exiting Bitcoin funds.
The Grayscale Bitcoin Trust (GBTC) led these outflows, enduring a 12-day streak of exits totaling nearly $700 million since August 1. This brings the fund’s cumulative net outflows to $19.65 billion.
In terms of total trading value, Bitcoin ETFs saw $7 billion for the week ending August 16, down from $12.52 billion the previous week—the lowest since the week ending July 12, when BTC dropped below $58,000.
Ethereum ETFs
As per SoSoValue data, Ethereum ETFs recorded $15 million in net outflows during the week, failing to maintain a weekly inflow streak amid ongoing market uncertainty.The week began with a 3-day inflow streak, netting over $40 million, led primarily by BlackRock’s iShares Ethereum Trust (ETHA), which saw around $75 million in inflows.
The Grayscale Ethereum Trust (ETHE) lagged, breaking a 14-day outflow streak early in the week, only to experience four consecutive days of outflows. ETHE ended the week with over $115 million in exits, bringing its cumulative net outflows to $2.41 billion.
This was seen as a potential turning point, as ETHE's rapid outflows had led some to predict the $9 billion fund could be empty within weeks. However, while persistent, Grayscale’s outflow rates have significantly slowed.
ETH ETF Volumes
It appears we are entering uncertain territory. It was expected that institutional investors would buy Ethereum ETFs in bulk during a market downturn, but this hasn’t occurred.
For Ethereum ETFs, the total value traded between August 12 and 16 was $1.06 billion, nearly half the previous week’s $1.87 billion. When these ETFs first launched, they traded $4.05 billion, but that was when ETH was priced above $3,000.