The US spot bitcoin ETFs experienced a negative month in August, with a total net outflow of around $94 million, despite an eight-day bullish streak.
The funds lost $237 million on August 2, their worst day, while making nearly $250 million on August 23, their greatest day. All commercially accessible Bitcoin funds had a cumulative net asset decline of $4.24 billion in August, bringing the total to around $53.8 billion.
The funds saw an eight-day run of net inflows, but the monthly net went negative due to recent withdrawals, including the first outflows recorded by industry leader BlackRock’s IBIT fund since May.
Despite four other funds reporting outflows on Friday, IBIT and the majority of other funds had zero net inflow. Grayscale’s GBTC saw $70 million leave, bringing the total outflow for the year to roughly $20 billion.
On August 23, 2024, the US ETFs market experienced significant changes, with Bitcoin ETFs experiencing a $252 million influx, indicating increased investor interest and Ethereum ETFs experiencing an outflow of $5.7 million, highlighting cryptocurrency challenges.
