United States-based spot Bitcoin exchange-traded funds (ETFs) have continued to attract investor interest despite outflows earlier in August.
On Aug. 16, data from SoSoValue revealed that the total weekly net inflow for spot Bitcoin (BTC) ETFs reached $32.58 million, in contrast to the outflows seen in the previous weeks. On Aug. 2, the net outflow for spot Bitcoin ETFs was $80.69 million, while on Aug. 9, the outflow reached $169 million.
Mixed signals in the Bitcoin market
However, the total net inflow for spot Bitcoin ETFs on Aug. 16 reached $36 million despite outflows of $72.9 million from the Grayscale Bitcoin Trust on the same day. While GBTC has been experiencing a continuous hemorrhage of funds, other spot Bitcoin ETFs are seeing regular inflows.
SoSoValue data depicting an overview of market volatility from June 7 to Aug. 16. Source: SoSoValue
According to the data, historical net outflows from GBTC stand at $19.6 billion. In contrast, the Grayscale Bitcoin Mini Trust ETF saw no net outflow on Aug. 16, maintaining its total net inflows of $288 million.
The decline in GBTC’s fortunes coincides with the NYSE Arca’s decision to pull back on a proposed rule change that would have enabled the trading of GBTC and similar cryptocurrency ETFs.
Fidelity and BlackRock lead
The Fidelity Bitcoin Fund ETF recorded the highest net inflow on Aug. 16, with $61.3 million. This brings its total historical net inflow to $9.8 billion.
Related: Advisor holdings in Bitcoin ETFs rise, hedge fund stakes dip — Coinbase
BlackRock’s iShares Bitcoin Trust ETF also saw a significant net inflow of $20.38 million on the same day, bringing its historical total to $20.38 billion.
The continued positive inflows into spot Bitcoin ETFs come at a time when their total net asset value stands at $54.35 billion. The ETF net asset ratio, which represents the market value of ETFs as a percentage of the total market value of Bitcoin, is currently at 4.65%.
Historical cumulative net inflows have reached $17.37 billion, further illustrating the growing acceptance and integration of spot Bitcoin ETFs in the broader investment landscape. An Aug. 14 US Securities and Exchange Commission filing reveals that Morgan Stanley holds $188 million worth of shares in a spot Bitcoin ETF.
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