U.S Spot Bitcoin ETFs See $148.5 Million Net Outflows

• With $64.48 million, Fidelity’s FBTC was the most heavily-pendered bitcoin fund yesterday.
• The converted GBTC fund run by Grayscale had withdrawals of $32.18 million.

Net outflows of $148.5 million were recorded by U.S. spot bitcoin exchange-traded funds on Tuesday, continuing their bearish outlook.

With $64.48 million, Fidelity’s FBTC was the most heavily-affected bitcoin fund yesterday, according to statistics from SoSoValue. The converted GBTC fund run by Grayscale had withdrawals of $32.18 million, while the ARKB funds managed by Ark Invest and 21Shares saw net outflows of $28.88 million. On Tuesday, Franklin Templeton’s Bitcoin fund also suffered a loss of $23 million.

Yesterday, no new investments were announced for seven different exchange-traded funds (ETFs) tracking bitcoin, including BlackRock’s IBIT, the biggest spot ETF by net asset value. Spot bitcoin ETFs exchanged $2.2 billion in value on Tuesday. The twelve funds have had a combined net inflow of seventeen.19 billion dollars since their January debut.

Market Rebound Underway

The spot Ethereum ETFs, however, had net inflows of $98.3 million on Tuesday, bringing the total daily positive flow to $98.3 million.

The ETHA fund managed by BlackRock received $109.89 million, the biggest inflow. Withdrawals from Fidelity’s FETH totaled $22.49 million, Grayscale’s mini trust received $4.7 million, and Franklin Templeton’s ether fund received less than $1 million. Ethereum funds have lost $363 million since their debut on July 23rd, while yesterday’s trading volume was $330.13 million.

Since the worldwide market crash on Monday, both bitcoin and ether have been rebounding at a faster rate. According to CMC data, the price of bitcoin at the time of writing is $57,140, up 4.47% in the last 24 hours. Moreover, the trading volume is down 32.05%.

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