Bitcoin ETFs see $390 million outflow in one week

Spot Bitcoin ETFs had a difficult week last week. From 10 to 14 August, a net $390 million flowed out of these funds, with Fidelity’s FBTC accounting for the largest share with $153 million in outflows. Ethereum ETFs did not escape unscathed either: they saw a net outflow of $2.26 million, with BlackRock’s ETHA the biggest outlier with $16.4 million in outflows.

In brief:

• Spot Bitcoin ETFs recorded a net outflow of $390 million last week, with Fidelity’s FBTC leading at $153 million
• Spot Ethereum ETFs lost $2.26 million, with BlackRock’s ETHA as the biggest outlier with $16.4 million
• Total assets under management in spot Bitcoin ETFs currently stand at $76.61 billion

Fidelity and BlackRock lead the outflows

According to data shared by Wu Blockchain, significant amounts left the spot Bitcoin ETFs last week. With an outflow of $153 million, Fidelity’s FBTC was the biggest outlier, followed by other funds that together brought the weekly outflow to $390 million.

For the Ethereum ETFs, the outflow of $2.26 million was considerably smaller by comparison. Still, it is striking that BlackRock’s ETHA saw $16.4 million in outflows, more than the total of all Ethereum ETFs combined, which means that other funds actually recorded inflows and partly offset the negative result.

Bitcoin price holds up despite outflows

Despite the outflows, Bitcoin is trading at $63K at the time of writing, up 0.5% over the past 24 hours. Total assets under management in spot Bitcoin ETFs amount to $76.61 billion, indicating that the assets in these funds remain at a steady level despite the weekly outflow.

SoSoValue’s chart shows that weekly outflows are not exceptional: earlier this year there were also periods with similar or larger negative figures, alternating with periods of strong inflows. Whether last week’s outflow is a brief correction or the start of a longer trend remains unclear for now.