Bitcoin and Ethereum ETFs See Reductions

During Friday's trading sessions, U.S. spot bitcoin and ethereum exchange-traded funds (ETFs) experienced significant outflows

U.S. spot bitcoin and ethereum exchange-traded funds (ETFs) saw large outflows on Friday, with $89.73 million exiting the BTC ETFs and $15.71 million flowing out of the ETH ETFs.

Bitcoin ETF Outflows Reach $89.73 Million on Friday

The 12 spot bitcoin ETFs collectively saw $89.73 million in outflows on Friday, according to data from sosovalue.xyz. This brings the total net inflows since Jan. 11, 2024, down to $17.34 billion.

Of the outflows, Grayscale’s GBTC saw the biggest hit, shedding $77 million. Other outflows include $19.85 million from Fidelity’s FBTC and $18.14 million from Bitwise’s BITB.

On the other hand, Grayscale’s Mini Bitcoin Trust, labeled “BTC,” saw the largest inflows with $15.61 million entering the trust. Blackrock’s IBIT also saw inflows of $9.65 million by Friday afternoon.

Meanwhile, funds like HODL, BRRR, BTCO, EZBC, BTCW, and DEFI saw no changes in inflows or outflows. The activity brings the total net BTC reserves held by the 12 funds to $55.11 billion, now accounting for 4.6% of BTC’s market cap.

Sosovalue.xyz also reports that ethereum ETFs saw a $15.71 million decrease, mainly driven by Grayscale’s ETHE, which suffered a $41.68 million outflow.

However, Blackrock’s ETHA saw gains of $19.64 million, and Fidelity’s FETH and Grayscale’s Mini Ethereum Trust, or “ETH,” also saw gains of $3.89 million and $2.44 million, respectively.

Despite the gains, the cumulative net inflows for ETH ETFs since July 23 remain in the red, down by $405.94 million, largely due to the $2.3 billion outflow from Grayscale’s ETHE during this period.

Ethereum ETF trading volumes also paled in comparison to bitcoin’s, with a modest $166.88 million in volume on Friday compared to $1.27 billion for bitcoin ETFs. Currently, the nine ETH ETFs hold $7.28 billion in ether, representing 2.34% of ETH’s market valuation.

What do you think about the spot bitcoin and ether ETF action on Friday? Share your thoughts and opinions about this subject in the comments section below.