On Friday, spot Bitcoin Exchange-Traded Funds (ETFs) experienced significant outflows, totaling $822.5 million, which stands as the second-largest daily loss for these financial products.
This setback wiped out a week of gains and reduced the overall net inflows to $541.8 billion. The assets under management now rest at $1,464.8 billion, representing about 6.46% of Bitcoin’s (BTC) market cap.
Fidelity’s FBTC led the exits, with a considerable redemption of $331.42 million, followed closely by Ark Invest’s ARKB at $327.93 million. Grayscale’s GBTC saw a decline of $66.79 million, while BlackRock’s IBIT recorded a smaller loss of $2.58 million.
Trading activity remained robust, with an impressive $6.13 billion traded across all spot Bitcoin ETFs. Particularly, IBIT was responsible for $4.544 billion of that, indicating ongoing interest despite the recent downturn.
Ether ETFs Break Inflow Streak
In another development, ether ETFs have ended their record inflow streak. After 20 days of consecutive net inflows, the sector faced an outflow of $152.26 million on Friday. Presently, the total assets under management amount to $2.011 billion, or about 4.70% of Ethereum’s (ETH) market cap.
Grayscale’s Ethe led the outflows, reducing by $47.68 million, with Bitwise’s Ethw losing $40 million. Fidelity’s Feth saw a $6.17 million outflow, while BlackRock’s ETHA remained unchanged for the day, holding steady at $10.71 billion in assets.
The trading volume for all spot Ethereum ETFs was $2.26 billion, with Grayscale’s ETH products contributing significantly to the daily total of $288.96 million, underscoring the volatility in the market.
This recent activity follows record inflows on July 16, when Ethereum ETFs saw their largest influx to date, amounting to $726.74 million in one day, with another $602.02 million the following day.
Companies Increasing Ether Holdings
A recent analysis from Standard Chartered reveals that companies are acquiring ether at a rate twice that of Bitcoin. Since early June, the firm has purchased about 1% of Ethereum’s total circulating supply.
The bank attributes the rising ether accumulation and a steady influx into US spot ether ETFs as significant factors behind recent price increases. They predict that these trends could help push ETH above the $4,000 mark before the year concludes.
Moreover, Standard Chartered forecasts that Ethereum Treasury Holdings might increase to represent 10% of the total supply, citing the added advantages of staking and debt engagement.
