Bitcoin ETFs attract $39.4m in inflows as Ether ETFs struggle with fifth consecutive day of outflows

Spot Bitcoin ETFs have seen their third consecutive inflow day this week, while spot Ether ETFs saw net outflows, adding to their five-day negative flow streak.

According to data from SoSoValue, the 12 spot Bitcoin exchange-traded funds recorded $39.42 million in net inflows on Aug. 21, representing a 55% decline compared to the $88.06 million net inflows seen on Aug. 20.

Grayscale’s mini Bitcoin trust led the charge with reported inflows of $14.2 million following three days of no activity. Fidelity’s FBTC and Bitwise’s BITB followed next with inflows of $10.7 million and $10 million, respectively.

Spot Bitcoin ETF inflows/outflows as of Aug. 21 | Source: SoSoValue

BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, received $8.4 million in inflows on the day, bringing its total inflows to date to $20.5 billion. Meanwhile, Invesco Galaxy’s BTCO and Franklin Templeton’s EZBC reported more modest inflows of $2.5 million and $ 3.5 million respectively.

These inflows were offset by Grayscale’s GBTC, which logged outflows of $9.8 million, bringing its total outflows from its launch date to $19.6 billion. The remaining five BTC ETFs remained neutral.

Trading volume for BTC ETFs jumped to $1.42 billion on Aug. 21, higher than the $1.35 billion seen on Aug. 20. These funds have recorded a cumulative net inflow of $17.56 billion since inception. At the time of writing, Bitcoin (BTC) was up 1.8% over the past day, trading at $60,788, per data from crypto.news.

Bitwise CIO Matt Hougan has highlighted that contrary to the common belief that retail investors are behind the rise in Bitcoin ETF adoption, data indicates a significant contribution from institutional investors.

By the end of Q2 2024, institutional ownership of U.S. spot Bitcoin ETFs increased to 24%, even amid a difficult market and falling Bitcoin prices. Major players like Goldman Sachs and Morgan Stanley are holding $412 million and $188 million in ETF shares.

Meanwhile, the nine-spot Ethereum ETFs collectively saw increased outflows of $17.97 million on Aug. 21, marking the fifth consecutive day of outflows.

Grayscale’s ETHE led the outflows once again, with $31.1 million leaving the fund, bringing its total outflows to the $2.5 billion mark since its launch on July 23. Meanwhile, Fidelity’s FETH, Grayscale’s ETH, and Franklin Templeton’s EZET were the only offerings to record inflows of $7.9 million, $4.2 million, and $1 million, respectively. The remaining five ETH ETFs saw no flows on the day.

These investment vehicles have seen their daily trading volume rise to $201.03 million on Aug. 21, a minor jump over the previous day. The spot Ether ETFs have experienced a cumulative net outflow of $458.08 million to date. At the time of publication, Ethereum (ETH) was also up by 1.3%, exchanging hands at $2,633.