Bitcoin ETFs End Nine-Day Inflow Streak
U.S. spot bitcoin exchange-traded funds (ETFs) ended a nine-session run of daily inflows on August 28, recording approximately $202 million in net outflows. The streak began on August 17 and had attracted roughly $3.04 billion before breaking.
The nine-day inflow period pushed total bitcoin ETF assets beyond a milestone that few expected to arrive so quickly. Bitcoin.com News reported that the funds surpassed $100 billion in net assets on August 27. BlackRock’s iShares Bitcoin Trust (IBIT) led that day with $277.6 million in inflows, while Fidelity’s FBTC recorded $83.6 million in outflows and Grayscale’s GBTC lost another $27.2 million.
Bitcoin ETFs have experienced sharp moves in both directions this year. In May, the same group of funds recorded a then-record nine-day outflow streak, losing approximately $2.8 billion as bitcoin’s price fell from about $80,000 to $73,000.
Spot Ether ETFs Extend Buying Streak
Spot ether ETFs moved in the opposite direction on August 28, attracting $102 million and extending their own inflow streak to 10 consecutive sessions.
Ether ETFs have also benefited from strong demand earlier in August, when the category recorded $2.6 billion in inflows during its strongest week since October. BlackRock’s ETHA accounted for much of the activity and helped triple the sector’s typical trading volume.
Ether’s price has broadly followed bitcoin’s performance, even as the two cryptocurrency ETF markets have briefly moved in different directions.
Bitcoin Price Holds Near $77,500
The bitcoin ETF outflows came at a notable point for the cryptocurrency market. Bitcoin opened August 28 at $80,261.86 before falling to its current level of approximately $77,500.
Bitcoin is up only 1% over the past week, making a single day of ETF selling appear more consistent with profit-taking than panic selling. The market was also preparing for the expiration of roughly $6.4 billion in Deribit options that Friday.
One negative session does not erase the previous $3 billion inflow run. ETF investors will be watching the next session’s data to determine whether the outflows were a temporary setback or the beginning of a longer trend. Spot ether ETFs, meanwhile, enter the new week with their 10-day inflow streak intact.
Source: cryptonews.net
