Fidelity Wise Origin Bitcoin Fund (FBTC) had net outflows of $235.3 million.
In total, seven spot ETF issuers reported net outflows in the week, leading to total weekly net outflows of $1.179 billion. Crucially, a six-day outflow streak left the BTC-spot ETF market with a $1.19 billion deficit for August, weighing on BTC demand.
While the US BTC-spot ETF market weighed on BTC, weekly ETH-spot ETF outflows left Ethereum (ETH) below $5,000. ETH dropped 1.08% on Saturday, August 23, partially reversing the previous day’s 14.31% surge to close at $4,779. Notably, ETH struck a new all-time high of $4,890 on August 22 before easing back.
While the US ETH-spot ETF market reported net inflows on August 22, weekly net outflows of $241.1 million weighed on ETH. Despite weekly outflows, the ETH-spot ETF market continued outmuscling the BTC-spot ETF market in August. President of Nova Dius Wealth, Nate Geraci, remarked:
“Spot ETH ETFs w/ $340mil inflows yesterday… So far in August: Spot eth ETFs = $2.8bil inflows. Spot btc ETFs = $1.2bil outflows. Since beginning of July: Spot eth ETFs = $8.2bil inflows. Spot btc ETFs = $4.2bil inflows. Notable recent shift.”
See our in-depth ETH vs BTC ETF flow breakdown here.
Several macro and market factors will drive BTC’s near-term outlook:
