United States-based spot Bitcoin exchange-traded funds (ETFs) have maintained robust investor interest, even in the face of significant outflows earlier in August.
On August 16, data from SoSoValue revealed that the total weekly net inflow for spot Bitcoin ETFs amounted to $32.58 million, marking a stark contrast to the outflows witnessed in the preceding weeks. On August 2, spot Bitcoin ETFs experienced a net outflow of $80.69 million, and by August 9, outflows escalated to $169 million.
Mixed Signals in the Bitcoin Market
Despite these fluctuations, the net inflow for spot Bitcoin ETFs on August 16 reached $36 million, even as the Grayscale Bitcoin Trust (GBTC) recorded outflows of $72.9 million on the same day. "While GBTC has been experiencing a continuous hemorrhage of funds, other spot Bitcoin ETFs are seeing regular inflows," noted SoSoValue in their report.
Data from SoSoValue also highlighted that the historical net outflows from GBTC stand at a staggering $19.6 billion. In contrast, the Grayscale Bitcoin Mini Trust ETF maintained its stability with no net outflow on August 16, preserving its total net inflows of $288 million.
The decline in GBTC's performance aligns with the New York Stock Exchange Arca’s decision to withdraw a proposed rule change that would have allowed trading of GBTC and similar cryptocurrency ETFs.
Fidelity and BlackRock Take the Lead
The Fidelity Bitcoin Fund ETF emerged as a leader on August 16, recording the highest net inflow of $61.3 million, which brought its total historical net inflow to $9.8 billion. BlackRock’s iShares Bitcoin Trust ETF also saw a significant net inflow of $20.38 million on the same day, increasing its historical total to $20.38 billion.
These continued positive inflows into spot Bitcoin ETFs underscore the growing acceptance of such funds among investors. The total net asset value of spot Bitcoin ETFs currently stands at $54.35 billion, with an ETF net asset ratio of 4.65%.
Illustrating this trend, cumulative net inflows have reached $17.37 billion, reinforcing the integration of spot Bitcoin ETFs into the broader investment landscape. Notably, an August 14 filing with the U.S. Securities and Exchange Commission disclosed that Morgan Stanley holds $188 million worth of shares in a spot Bitcoin ETF.
