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    Bitcoin ETF Exodus & Ether’s Streak Ends

    Friday witnessed a significant downturn for spot Bitcoin exchange-traded funds (ETFs), with a total of $812.25 million flowing out. This represents the second-largest single-day outflow event since these investment vehicles were introduced.

    This considerable withdrawal effectively negated the gains made throughout the preceding week, reducing the overall net inflow to $54.18 billion. According to data from SoSoValue, the total assets managed by these ETFs have decreased to $146.48 billion, which constitutes 6.46% of the entire market capitalization of Bitcoin (BTC).

    Fidelity’s FBTC experienced the largest outflow at $331.42 million, followed by ARK Invest’s ARKB with a substantial redemption of $327.93 million. Grayscale’s GBTC also saw losses, amounting to $66.79 million. BlackRock’s IBIT reported a comparatively small outflow of $2.58 million.

    Despite the notable outflows, trading activity remained robust. The aggregate trading volume across all spot Bitcoin ETFs reached $6.13 billion. IBIT accounted for a significant portion of this volume, with $4.54 billion in trades, indicating continued investor engagement even amidst the overall outflow.

    Bitcoin ETFs see outflows. Source: SoSoValue

    Related: Spot Ether ETF staking could ‘dramatically reshape the market’

    Ether ETFs End Inflow Streak

    Simultaneously, Ether ETFs concluded a period of consistent inflows. After 20 consecutive days of positive net inflows, this sector experienced an outflow of $152.26 million on Friday. The total assets under management are now valued at $20.11 billion, or 4.70% of the Ether (ETH) market capitalization.

    Grayscale’s ETHE registered the largest decrease, losing $47.68 million, while Bitwise’s ETHW followed with a $40.30 million reduction. Fidelity’s FETH reported outflows of $6.17 million. BlackRock’s ETHA was the exception, remaining unchanged for the day with $10.71 billion in assets and neither inflows nor outflows.

    The collective trading volume across all spot Ethereum ETFs amounted to $2.26 billion. Grayscale’s ETH product was the most actively traded, contributing $288.96 million in daily trades, reflecting the prevailing market fluctuations.

    The recent positive trend reached its peak on July 16th, when Ethereum ETFs saw a daily inflow of $726.74 million, the highest figure since their inception. July 17th continued the momentum with $602.02 million, driven by increasing investor interest in Ether-related investment options.

    Ether ETFs end 20-day inflow streak.
    Ether ETFs end 20-day inflow streak. Source: SoSoValue

    Related: ‘Parabolic bull markets and devastating bear markets are over’ — BTC analyst

    Corporations Increase Ether Holdings

    A recent Standard Chartered report indicates that corporations are currently acquiring Ether at twice the rate of Bitcoin. Since the start of June, corporate treasury entities have accumulated roughly 1% of the total circulating supply of Ethereum.

    The financial institution highlighted that this accumulating activity, coupled with the consistent inflows into US spot Ether ETFs, has been a major contributing factor to Ether’s recent price surge. They anticipate that these trends could potentially push ETH above its $4,000 target price by the conclusion of the year.