- Investors pulled hundreds of millions from crypto ETFs on Friday.
- The development coincided with a wider market downturn.
- Bitcoin and Ethereum traded below key support levels.
On Friday, investors pulled hundreds of millions from spot Bitcoin and Ether exchange-traded funds (ETFs) amid a wider market downturn that saw BTC’s attempt to break out of the $65,000 resistance level quickly snuffed out.
Bitcoin tumbled from a daily high of $65,382 on August 2 to $62,581 in under two hours. This happened alongside a major slump in equity markets, driven by a weak July U.S. jobs report. Smaller cryptos plunged more, with ETH, BNB, and SOL losing over 5% in the last 24 hours.
Bitcoin and Ether ETF Flows on August 2
According to preliminary data by Farside Investors, U.S.-listed spot Bitcoin and Ether ETFs witnessed total net outflows of $237.4 million and $54.3 million, respectively.
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Fidelity’s FBTC led the outflows from Bitcoin ETFs with $104.1 million, extending its bleeding streak to a fifth consecutive day. Ark Invest’s ARKB, Grayscale’s GBTC, Bitwise’s BITB, and VanEck’s HODL saw outflows of $87.7 million, $45.9 million, $29.4 million, and $23 million, respectively.
Despite the massive outflows, BlackRock’s IBIT attracted $42.8 million as Grayscale’s GBTC logged inflows totaling $9.9 million.
As for Ether ETFs, all funds except Fidelity’s FETH and Franklin Templeton’s EZET seemed to have fallen out of favor with investors on Friday. FETH and EZET pulled a combined $7.1 million, which was quickly overshadowed by a massive outflow from Grayscale’s ETHE, totaling $61.4 million. The rest of the funds posted zero flows.
The massive outflows from both Bitcoin and Ether ETFs have put bearish action in motion in the underlying crypto assets. Per CoinMarketCap data, Bitcoin had lost 4.53% to exchange hands at $61,778 as of press time. Ether traded at $2,991 after plunging over 5.3% in the last 24 hours.
Stay updated on Morgan Stanley’s plan for Bitcoin ETFs:
Morgan Stanley Commits to Bitcoin: ETF Inflows to Soar?
Read about the recent massive Bitcoin and Ether transfers by Genesis:
Genesis Shifts $1.5 Billion in Bitcoin and Ether for Creditor Repayments
