Spot Ether ETF experienced an extraordinary day on August 30, 2024. Every issuer failed to report data, and net flows remained at $0. Nevertheless, as of August 30, 2024, the cumulative total banked a negative flow of $477.4 million. Only on August 28, 2024, the streak of net outflows was broken, as a reported $5.9 million in inflows was received.
BlackRock continues to lead the charge in terms of inflows. BlackRock last reported its numbers on the same date, but the following two days showed no activity. This could potentially explain the observed imbalance. ETHA ETF last reported a net inflow of $8.4 million and was followed by Fidelity’s FETH, which scored approximately $1.3 million.
Reports indicate that Spot Bitcoin ETF, a comparatively older player in the ETF segment, faced significant challenges in the early days of January this year. Spot Bitcoin ETFs started on a high note, but things went downhill in the later 4 days of the week. The net inflow on August 26, 2024, was $202.6 million.
Unless the majority of the issuers banked outflows on the last day, net outflows appeared to level off as the days progressed. The exact reason is unknown, but it could be something to do with the value of BTC itself, which has been on a declining trend for some time. The reasons associated with the token primarily stem from the prevailing economic and political conditions. Plus, federal authorities are looking for a suitable time to bring the most-awaited announcement that the media has most likely covered a thousand times—rate cuts.
The most recent figure reported by the Spot Bitcoin ETF was $175.6 million, which represents a significant increase from the $71.8 million reported the day prior. It was anticipated that a gradual decline would be a pivotal moment, as it experienced net inflows from August 15 to August 26, 2024, in a consecutive manner.
Spot Ether ETFs have registered a total net outflow of $477.4 million. BlackRock has achieved the milestone of a billion US dollars, while FETH trails behind with $392.9 million. Grayscale is notorious in both segments. Ether, in particular, has banked net outflows worth $2,560.3 million. Consequently, it contributes significantly to the current overall outflow trend.
Grayscale’s outflow in Spot Bitcoin ETF stands at more than $19.8 billion. They are balanced by BlackRock alone, which showcases $20.9 billion at the press time.
The value of BTC has decreased by 0.73% in the past 24 hours and is currently trading at $57,951.37 at the time of this publication. ETH, on the other hand, has seen its value plummet by 0.88% during the same time window. ETH currently trades at $2,468.89 against the USD.
