According to data from Farside Investors, the 11 Bitcoin ETFs that Farside Investors tracked saw a net inflow of about $50.6 million on August 1. Leading the way was Grayscale’s brand-new Grayscale Bitcoin Mini Trust, which brought in a huge $191.1 million by itself.
BlackRock’s IBIT then received a smaller entry of $25.9 million, making it the third month it hasn’t lost any money. On the other hand, Grayscale’s GBTC had the largest net outflow of all the competing products, with $71.3 million.
According to SoSoValue data, on August 1, these spot Bitcoin ETFs saw a total daily trading amount of $2.91 billion, much more than the $1.37 billion traded on July 30 and 31. FBTC from Fidelity lost $48.4 million, ARKB from Ark and 21Shares lost $22.4 million, BITB from Bitwise lost $20.7 million, and HODL from VanEck lost $3.6 million. The other Bitcoin ETFs stayed the same.
The nine U.S. spot Ethereum ETFs also saw positive net inflows, despite Grayscale’s Ethereum Trust (ETHE) experiencing cumulative outflows exceeding $2 billion. On August 1, the Ethereum ETFs recorded a net inflow of $26.7 million, with BlackRock’s iShares Ethereum Trust leading the way with an $89.6 million inflow, according to Farside Investors data.
Grayscale’s Ethereum trust faces significant outflows
Grayscale’s Ethereum Trust saw outflows of $78 million on the same day, bringing the total outflows from the fund to over $2 billion since its conversion to a spot fund. Unlike the other eight spot Ethereum ETFs launched on July 23, ETHE was originally a trust offering institutional investors exposure to Ethereum and was converted to a spot ETF on the same date. Before its conversion, ETHE held $9 billion in Ethereum, with the recent outflow suggesting that 22% of the initial fund had been sold.
Meanwhile, on August 1, Fidelity’s FETH and Bitwise’s ETHW logged inflows of $11.7 million and $3.4 million, respectively, while the remaining Ethereum ETFs experienced no flows on that day. The total daily trading volume for these spot Ethereum ETFs was $331.11 million on August 1, lower than the $472.5 million recorded on July 31 and $563.22 million on July 30.
In a July 29 post on X, Steno Research senior analyst Mads Eberhardt predicted that the substantial outflows from Grayscale’s ETHE would likely taper off this week, a trend that appears to have already started. “When it does, it’s up only from there,” remarked Eberhardt.
At the time of writing, the price of Bitcoin had dropped by approximately 0.2% to $64,200. Ethereum, the largest altcoin in the crypto market, has also seen a slight decline of about 0.7% over the past day, currently trading around $3,147.
