The recent bearish trend in the cryptocurrency market has caused the total value of U.S-based spot Bitcoin and Ethereum exchange-traded funds (ETFs) to decline significantly. It is reported that only three out of the top 50 cryptocurrencies by market cap saw any gains this week.
As of Friday, the U.S spot Bitcoin ETFs saw nearly $170 million worth of outflows, reducing the total value of all 12 funds on the market to $48.24 billion. This is the lowest recorded value since May 1, dropping below $50 billion for the first time in a month. To find similar figures, we would have to look back at numbers at the end of February, according to data gathered by SoSoValue.
On the same day, BlackRock, the industry leader, reported no inflow or outflow on its IBIT fund. However, Grayscale’s GBTC suffered a $53 million outflow, Fidelity’s FBTC witnessed $85 million in outflows, and Bitwise’s BITB saw $14 million worth of outflows. Additionally, Ark & 21Shares ARKB reported $7 million in outflows, and both Grayscale’s BTC Mini Trust and Valkyrie’s BRRR registered about $5 million in outflows.
Much like Bitcoin, there was a significant decline in the Ethereum funds as well. The total asset value for U.S.-based exchange-traded funds trading Ether hit a very low record after $6 million in outflows, cumulating to a mere $6.09 billion. This marks a dramatic 41% drop from the initial trading value of $10.24 billion.
In the Ethereum sector, we saw changes in the net asset value logged by only two funds. Grayscale’s ETHE experienced $10 million worth of outflows, while Blackrock’s ETHA saw $4.7 million worth of inflows. This led to six successive days of negative or zero outflows for the Ethereum ETFs, with September recording a total outflow of approximately $91 million to date.