- Bitcoin ETFs saw $237M net outflows on Aug 2, indicating market volatility.
- Grayscale GBTC outflowed $45.946M, and BlackRock IBIT inflowed $42.814M.
- Bitcoin price dropped 4.62% daily, 9.29% weekly to $61,788.89.
On August 2, 2024, Bitcoin spot ETFs witnessed significant outflows, totaling $237 million in net outflow, highlighting the volatility in the cryptocurrency market. Prominent funds like Grayscale ETF GBTC and Fidelity ETF FBTC experienced considerable one-day outflows, while BlackRock ETF IBIT stood out with substantial inflows, reflecting the contrasting investor sentiments.
The Grayscale ETF GBTC saw a notable single-day net outflow of $45.9462 million. As a key player in the cryptocurrency investment landscape, GBTC has experienced historical net outflows amounting to $19.059 billion. This reflects the ongoing adjustments in investor preferences as they react to market conditions and regulatory developments.
In contrast, the Grayscale Bitcoin Mini Trust ETF BTC reported a one-day net inflow of $9.8788 million. This ETF, known for providing a more accessible entry point for retail investors, has accumulated a total historical net inflow of $219 million.
Fidelity’s ETF FBTC recorded the most significant outflow among Bitcoin spot ETFs, with a single-day net outflow of $104 million. This suggests a cautious approach from investors amidst recent market downturns and evolving economic conditions.
Meanwhile, BlackRock’s ETF IBIT emerged as a key beneficiary of investor interest, with a daily inflow of $42.8142 million. This positive trend for IBIT has led to a cumulative historical inflow of $20.097 billion in assets under management (AUM), underscoring the fund’s appeal in uncertain times.
As of the latest data, the assets under management (AUM) for Bitcoin spot ETFs stand at approximately $57.204 billion. This translates to an asset ratio, reflecting the market value compared to the overall Bitcoin market cap, of 4.63%. Cumulative historic flows have reached around $17.507 billion, demonstrating the enduring interest in Bitcoin as an asset class.
As of the time of writting Bitcoin (BTC) is currently trading at $61,788.89, with a 24-hour trading volume of $44.4 billion Despite its prominence, Bitcoin has experienced a -4.62% decline over the last 24 hours and a -9.29% decrease in the past week. With a circulating supply of 20 million BTC, the cryptocurrency holds a market capitalization of $1,219,404,895,820.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
