Nine-Day Bitcoin ETF Inflow Streak Broken as Cryptocurrency Drops Under $78K
Net outflows of $201.8 million were recorded Friday in US spot Bitcoin ETFs, with ARK 21Shares at the forefront, while aggregate fund assets dropped back under the $100 billion threshold.
Spot Bitcoin exchange-traded funds (ETFs) listed in the United States concluded their nine-day run of positive flows as the price of Bitcoin dropped beneath the $78,000 threshold, even as multiple altcoin ETF segments maintained their momentum with additional inflows.
Net outflows totaling $201.8 million were documented in Bitcoin ETFs on Friday, bringing an end to nine straight trading days of positive flows, based on data compiled by SoSoValue.
This turnaround came after the nine-session period brought in over $3 billion in net inflows, though August maintained its positive trajectory with $3.3 billion in flows and one remaining US trading day in the month. Aggregate net assets declined to $97.6 billion following Thursday's milestone of surpassing the $100 billion mark.
The shift in Bitcoin ETF flows stands in stark opposition to the ongoing inflows being experienced by Ether and XRP funds, as Solana ETFs have simultaneously achieved fresh asset benchmarks.
ARK 21Shares spearheads Bitcoin ETF withdrawals
Friday's withdrawals were dominated by the ARK 21Shares Bitcoin ETF (ARKB), which saw $114.9 million in net outflows, with the Bitwise Bitcoin ETF (BITB) coming in second at $49.7 million, based on data from Farside Investors.
The iShares Bitcoin Trust ETF (IBIT) from BlackRock, which holds the position as the largest US spot Bitcoin ETF measured by assets, saw outflows of $33.4 million.
The only fund to post positive flows on Friday was Morgan Stanley's Bitcoin Trust (MSBT), which brought in $9.3 million.
Ether, XRP ETFs resist Bitcoin withdrawal trend
Despite the reversal witnessed in Bitcoin funds, Ether and XRP ETFs maintained their inflow trajectory on Friday, posting gains of $102.2 million and $26.2 million, respectively, as reported by SoSoValue data. These funds previously experienced net outflows on Aug. 11 and Aug. 5, respectively.
Positive momentum has also been sustained by Solana ETFs. Eric Balchunas, Bloomberg ETF analyst, noted on Friday that the category had accumulated $1.7 billion in total flows without experiencing any prolonged period of outflows.
The Solana ETF from Bitwise also achieved the distinction of becoming the first fund within the category to surpass the $1 billion threshold, the analyst reported.
The performance was characterized as "impressive" by Balchunas, particularly considering what he termed a "nightmare downturn" experienced during the year's first half.