The US spot Bitcoin ETF experienced its largest single-day outflow since May on August 2, 2024, totaling $237.45 million, which was also the fourth-highest single-day outflow since the ETF launched in January. Although the Bitcoin ETF suffered significant withdrawals, the overall net asset value remained close to its historical high. In addition, the spot Ethereum ETF also recorded outflows, although the outflow amount was significantly smaller, reflecting investors' uneasiness about the cryptocurrency market.

Key Points

- The US spot Bitcoin ETF had a single-day outflow of $237.45 million on August 2, the largest in the past 90 days.

- This outflow was the highest recorded since May 1 and the fourth highest level since the ETF was launched.

- Only two ETFs, Grayscale and BlackRock, recorded inflows during this outflow, with the former increasing by $9.88 million and the latter by nearly $43 million.

- The outflows mainly came from multiple funds such as Fidelity, Ark Invest and Grayscale, whose outflows exceeded the inflows of other ETFs.

- Despite the large outflows, overall trading volume remains within normal range and the total net asset value of all ETFs remains high.

- The spot Ethereum ETF recorded an outflow of $54 million on the same day, the smallest single-day outflow for these funds to date.

- The total assets of the spot Ethereum ETF are now down to $8.33 billion, significantly lower than the high of the first trading day.