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Bitcoin ETFs end 9-day inflow streak as BTC dips below $78K
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- DeepHorus
US spot Bitcoin exchange-traded funds recorded $201.8 million in net outflows on Friday, ending a nine-day streak of inflows. This reversal occurred as the price of Bitcoin dipped below $78,000, and total fund assets slipped back below $100 billion. The end of the inflow streak marks a shift in momentum for the popular investment vehicles.
The outflows conclude a significant run of positive investment, which saw over $3 billion in net inflows over the nine preceding sessions. Despite this single-day reversal, August's overall flows remain positive at $3.3 billion, with one US trading session left in the month. Total net assets for the Bitcoin ETF sector fell to $97.6 billion after surpassing the $100 billion milestone on Thursday.
The ARK 21Shares Bitcoin ETF led the withdrawals with $114.9 million in net outflows. The Bitwise Bitcoin ETF followed with $49.7 million, and BlackRock's iShares Bitcoin Trust ETF, the largest by assets, recorded $33.4 million in outflows. Only Morgan Stanley's Bitcoin Trust saw inflows, adding $9.3 million.
The Bitcoin ETF outflows contrast sharply with the continued positive flows into other cryptocurrency funds. Ether ETFs added $102.2 million on Friday, and XRP ETFs saw $26.2 million in inflows. Both funds have not recorded net outflows since early August.
Solana ETFs are also maintaining positive momentum. According to Bloomberg analyst Eric Balchunas, the category has attracted $1.7 billion in cumulative flows without sustained outflows. Bitwise's Solana ETF became the first in its category to cross $1 billion in assets, a performance Balchunas called impressive.
The divergent flows highlight a potential rotation or differentiation in investor sentiment across various digital asset ETFs. While Bitcoin saw a single-day pullback, interest in Ether, XRP, and Solana products persisted. This suggests investors may be seeking exposure beyond Bitcoin.
The future outlook will focus on whether the Bitcoin ETF outflows are a temporary pause or the start of a new trend. Market participants will watch Bitcoin's price action closely for confirmation. The continued strength in altcoin ETFs could signal evolving preferences in the institutional crypto investment landscape.
