US Bitcoin ETFs Experience Significant Outflows, While Ethereum ETFs See Zero Net Flow

US Bitcoin exchange-traded funds (ETFs) experienced a significant outflow of on August 30, 2024, continuing a bearish trend for the week.

US Bitcoin exchange-traded funds (ETFs) experienced a significant outflow on August 30, continuing a bearish trend for the week. Conversely, Ethereum ETFs saw zero net flow.

According to Spotonchain analysis, the BTC exchange-traded funds notched $167 million in total outflows. This decline marked the fourth consecutive day of outflows for these ETFs, bringing the total weekly loss to $227 million.

US #ETF 30 AUG: ?$176M to $BTC and ⚪$0M to $ETH

— Spot On Chain (@spotonchain) August 31, 2024

Among the BTC exchange-traded funds, ARK 21Shares (ARKB) and Grayscale (GBTC) were among the hardest-hit funds, with outflows of $65 million and $70.2 million, respectively. Other funds with notable withdrawals were Fidelity (FBTC), with $12.9 million, and Bitwise (BITB), with $16.4 million.

The remaining ETFs, including those managed by BlackRock, Franklin, and WisdomTree, reported no inflows or outflows. These outflows bring the total weekly loss to $227 million. At the time of writing, BTC is trading at $58,130, a 0.8% price drop over the past 24 hours, according to Coingecko data.

Meanwhile, US Ethereum exchange-traded funds recorded zero inflows and outflows, making August 30 the first all-zero day for them since launch. This week, the cumulative outflow for Ethereum ETFs reached $12.4 million.

This stagnation comes after the market recorded outflows totaling $1.77 million on August 29. ETH is currently trading at $2,527, a 0.4% rise in the last 24 hours, per Coingecko data.

According to crypto analyst Matthew Hyland, the crypto market has been under pressure, with Bitcoin needing to secure a “higher high” (maintaining its price above $57.7K) to confirm its uptrend. He warned that a fall below $56K could signify a reversal into a downtrend.

BTC’s price recently dropped below $59,000, heightening concerns about the sustainability of its longer-term uptrend. Hyland noted that BTC has displayed a pattern of “higher lows and higher highs” since the beginning of August.

However, he cautioned that September is historically the worst-performing month for Bitcoin. Therefore, the leading digital asset would likely encounter sideways price action for the rest of the month, especially as the US presidential election approaches.

Meanwhile, pseudonymous trader Jelle continues to hold a bullish long-term view. Jelle pointed out that a multi-year cup and handle pattern suggests that Bitcoin could still reach the six-figure mark by this year-end. This price movement coincides with a decrease in Bitcoin exchange reserves, which recently reached a year-to-date low.

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