In a stunning reversal, spot Bitcoin ETFs experienced their second-largest single-day net outflow on record, hemorrhaging $812.25 million on Friday. This significant drawdown wiped out a week of gains, pushing the total cumulative net inflows down to $54.18 billion. According to data from SoSoValue, this sell-off caused the total assets under management to dip to $146.48 billion, Cointelegraph reported. .
The outflow was led by major players. Fidelity’s FBTC saw the most substantial redemptions at $331.42 million, followed closely by ARK Invest’s ARKB with a $327.93 million loss. Even Grayscale’s GBTC wasn’t immune, with investors pulling out $66.79 million. BlackRock’s IBIT was a notable exception, posting a relatively minor loss of $2.58 million.
Despite the heavy outflows, trading volumes remained high, with $6.13 billion in value exchanged across all spot Bitcoin ETFs. IBIT accounted for a significant portion of this activity, with $4.54 billion in volume, suggesting that interest in these products persists even as capital leaves the market.
Ether ETFs End Inflow Streak Amid Broader Sell-Off
The negative sentiment also spread to Ether ETFs, which saw their longest-ever inflow streak come to an end. After 20 consecutive days of net inflows, the sector recorded a $152.26 million outflow on Friday. This pushed total assets under management down to $20.11 billion.
Grayscale’s ETHE led the losses for Ether products, shedding $47.68 million, while Bitwise’s ETHW followed with a $40.30 million drop. Fidelity’s FETH also experienced a $6.17 million outflow. BlackRock’s ETHA was the only one to remain stable for the day, holding steady with no inflows or outflows. The combined value traded across all spot Ether ETFs was $2.26 billion.
The recent run of inflows for Ether ETFs had been driven by growing institutional interest, culminating in a record-breaking $726.74 million inflow on July 16, the largest since the products’ debut.
Adding to the long-term bullish case for Ether, a recent Standard Chartered report found that corporations are acquiring Ether at twice the rate of Bitcoin. Since the beginning of June, crypto treasury firms have accumulated roughly 1% of Ethereum’s total circulating supply. The bank noted that this corporate accumulation, along with steady ETF inflows, has been a key driver behind Ether’s recent rally and could help push its price above $4,000 by year-end.
