Despite these outflows, the overall net asset value (NAV) of Bitcoin spot ETFs remains substantial at $51.47 billion.
Bitcoin spot exchange-traded funds (ETFs) in the United States have continued to experience significant outflows since the onset of the ongoing market downturn, which wiped out $367 billion from the industry on August 5.
On Wednesday, blockchain analytics firm SoSo Value reported that Bitcoin investment products saw a combined outflow of $149 million on August 6, just 24 hours after the market crash that sent Bitcoin below the $50,000 mark.
Leading the withdrawals was Fidelity Investments’ Bitcoin ETF (FBTC), which saw a substantial outflow of approximately $65 million, a notable increase from the $58.04 million withdrawn from the fund the day before.
A Surprised Twist
With FBTC leading the exodus, other Bitcoin ETFs from major asset managers, such as Grayscale Investments, were not left unscathed. SoSo Value’s data shows that Grayscale’s Bitcoin Trust (GBTC) posted a significant outflow of $32.18 million, though this figure represents a decrease from the previous record of $74 million on Monday.
The cumulative effect of these withdrawals has pushed GBTC’s total historical net outflow to a staggering $19.16 billion since its launch in January 2024. Despite the massive withdrawals from Grayscale’s GBTC, the company’s newly launched Bitcoin Mini Trust ETF (BTC) took a different turn. The product bucked the trend by recording zero net outflows on the same day. This resilience has contributed to the product’s total historical net inflow, which currently stands at $240.81 million.
The Grayscale Bitcoin Mini Trust was officially welcomed into the market earlier this week when it became available for trading on the American stock exchange NYSE Arca, following approval from the US Securities and Exchange Commission (SEC) on July 31.
Since then, the product has quickly garnered investor interest, recording an inflow of $209 million on August 6 alone, before reaching a new height on Tuesday.
Thanks to the success of its Bitcoin ETF ventures, Grayscale has accumulated $21.431 billion in assets under management (AUM), solidifying its position as a leading asset manager in the crypto industry.
Bitcoin ETFs Records Zero Inflow
In addition to Grayscale and Fidelity, other major asset managers also faced significant outflows on August 6. According to SoSo Value, ARKB, a Bitcoin ETF jointly managed by ARK Invest and 21Shares, saw an outflow of $28.88 million. Similarly, Franklin Templeton’s Digital Holdings Trust (EZBC) reported a $23 million outflow on the same day.
Despite these outflows, the overall net asset value (NAV) of Bitcoin spot ETFs remains substantial at $51.47 billion.
However, none of the 11 Bitcoin ETFs currently available in the United States posted any inflows on August 6, highlighting a growing unease among investors as market volatility continues.
Meanwhile, it is important to note that while Bitcoin spot ETFs offer investors the opportunity to gain exposure to the underlying asset without directly holding the crypto on their balance sheets, they are still subject to the same market forces that impact Bitcoin (BTC) prices.
next