Bitcoin News Today: Spot Bitcoin ETFs Lose $812.25M in Second-Largest Outflow, Ether ETFs End 20-Day Inflow Streak

Spot Bitcoin ETFs recorded their second-largest single-day outflow on Friday, totaling $812.25 million, according to SoSoValue [1]. This marked a significant reversal from a week of steady gains, reducing cumulative net inflows to $54.18 billion and pushing total assets under management to $146.48 billion. The outflows accounted for 6.46% of Bitcoin’s (BTC) market capitalization.

Fidelity’s FBTC led the redemptions with $331.42 million, followed by ARK Invest’s ARKB with $327.93 million in pullbacks [1]. Grayscale’s GBTC also saw $66.79 million in outflows, while BlackRock’s IBIT experienced a relatively minor loss of $2.58 million. Despite the outflows, trading volumes remained high, with $6.13 billion in total value traded. IBIT alone accounted for $4.54 billion in volume, indicating continued interest in the product [1].

The outflow pattern extended to Ether (ETH) ETFs, which ended their 20-day inflow streak with a $152.26 million outflow on Friday [1]. Total assets under management for Ether ETFs now stand at $20.11 billion, or 4.70% of Ethereum’s market capitalization. Grayscale’s ETHE led the outflows with $47.68 million, while Bitwise’s ETHW lost $40.30 million [1]. Fidelity’s FETH recorded $6.17 million in outflows, while BlackRock’s ETHA remained flat with $10.71 billion in assets and no net inflows or outflows for the day [1].

Trading volumes across Ether ETFs totaled $2.26 billion, with Grayscale’s product contributing the most, at $288.96 million in daily trades [1]. Earlier in the month, Ether ETFs reached record-breaking inflows, with $726.74 million on July 16 and $602.02 million on July 17, reflecting strong demand for Ether-based products [1].

Corporate activity in Ether has also accelerated. According to a report by Standard Chartered, corporations have been purchasing Ether at twice the rate of Bitcoin since the start of June [1]. These purchases have accounted for roughly 1% of Ethereum’s total circulating supply, and the bank attributes this trend, along with inflows into US spot Ether ETFs, as a key driver behind Ether’s recent price surge [1].

Standard Chartered forecasts that Ethereum’s price could rise above its $4,000 target by the end of the year [1]. The bank also predicts that corporate Ethereum treasury holdings could grow to represent up to 10% of the total supply, driven by the benefits of staking and participation in decentralized finance (DeFi) [1].

Source: [1] Spot Bitcoin ETFs see second-largest outflow, Ether ETFs end 20-day streak – https://cointelegraph.com/news/spot-bitcoin-etfs-second-largest-outflow-ether-etfs-streak-ends?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound