Bitcoin ETF Sees $84.86 Million in Outflow on July 8

The spot Bitcoin ETFs saw a net outflow of $84.86 million on 8 July (ET). At the same time, the spot Ethereum ETFs showed a positive picture: for the fifth consecutive day, money flowed in. According to data from SoSoValue, the total net inflow for the Ethereum ETFs was $70.48 million on that day. The Bitcoin price stands at $63K at the time of writing, up 1.6% in the last 24 hours.

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Outflow for Bitcoin ETFs as Ethereum Rises

The outflow of nearly $85 million for the Bitcoin ETFs stands out, especially as ETF flows have been volatile in recent weeks. According to the SoSoValue chart, the total net assets of the spot Bitcoin ETFs currently stand at $75.34 billion, while the Bitcoin price was around $62K at the time of measurement.

Earlier, multiple consecutive days of positive flows were visible for both Bitcoin and Ethereum ETFs. The current outflow for Bitcoin thus shows that institutional investors are currently more cautious with their Bitcoin ETF positions, although the total size of the funds remains substantial.

Ethereum ETFs Show Five Consecutive Days of Inflow

While the Bitcoin ETFs recorded outflows, the Ethereum ETFs are doing well. With $70.48 million in net inflows on 8 July, the funds continued their positive streak. Five consecutive days of inflows is a notable signal for Ethereum, which had lagged behind Bitcoin in terms of institutional interest in recent times.

The Ethereum price may benefit from this sustained demand from ETF investors. Whether the inflow for Ethereum continues and whether Bitcoin manages to reverse its outflow quickly is something to keep a close eye on in the coming days.