Spot bitcoin ETFs see $43 million in outflows, breaking two-day inflow run

Spot bitcoin exchange-traded funds in the U.S. posted total daily net outflows of $43.97 million on Wednesday, ending a two-day streak of positive flows.

Ark Invest and 21Shares’ ARKB reported the largest outflows among the ETFs yesterday with $54.03 million, according to data from SoSoValue. Grayscale’s GBTC saw net outflows of $4.59 million, while its Bitcoin Mini Trust logged around $511,230 in outflows.

Fidelity’s FBTC led the inflows for the day, reporting $12.57 million in net inflows, while Invesco’s BTCO saw $2.59 million flow into the product. The seven other funds, including BlackRock’s IBIT, recorded zero daily flows. IBIT has not experienced net inflows since Aug. 26.

The 12 bitcoin ETFs recorded a daily trading volume of $1.27 billion on Tuesday, up from $712.25 million the day before. Since launching in January, the bitcoin funds have accumulated $17 billion in net inflows.

Ether ETFs also experienced negative flows

Spot Ethereum ETFs in the U.S. saw net outflows of about $542,870, with seven out of nine funds posting zero daily flows. VanEck’s ETHV posted net outflows of $1.71 million, while Fidelity’s FETH saw $1.17 million in inflows.

The ether ETFs' total daily trading volume was $126.22 million on Wednesday, compared to $102.87 million on Tuesday. Their cumulative net outflows stood at $562.06 million.

Bitcoin’s price rose 3.37% over the past 24 hours to $58,318, while ether gained 1.78% to trade at around $2,373, according to The Block’s crypto price page .

“Outflows from bitcoin and Ethereum ETFs are largely a reaction to stronger U.S. economic data and should be seen as a normal part of ETF evolution,” said Rachael Lucas, a crypto analyst of BTCMarkets.

The U.S. consumer price index was released yesterday, which showed that consumer prices rose 0.2% in August. This put the 12-month inflation rate at 2.5%, which is the lowest since February 2021, according to CNBC. 

Investors are also looking ahead to next week’s Federal Open Market Committee meeting, with CME Group’s FedWatch Tool giving an 85% chance that the Fed would lower rates by 25 basis points.