Bitcoin spot ETFs turn to outflows while ethereum extends inflows

Bitcoin spot exchange-traded funds (ETFs) recorded net outflows of $219 million on Aug. 28, local time, snapping a nine-session streak of inflows.

Decrypt, a blockchain media outlet, reported on Aug. 30 that ethereum spot ETFs posted net inflows of $102 million on the same day, extending inflows to 10 sessions.

Based on Sosovalue data, cumulative net inflows into bitcoin spot ETFs fell to about $55.1 billion. Total net assets stand at about $93.9 billion.

The outflows follow a recent strong run of inflows. Bitcoin spot ETFs drew $2.8 billion over 8 sessions as bitcoin prices tested the $80,000 level. During that period, daily net inflows topped $300 million several times and exceeded $600 million on Aug. 20. The biggest daily inflow since May also came during that run.

The market trend diverged more clearly from ethereum spot ETFs. Net inflows into ethereum spot ETFs on Aug. 28 were $102 million, lifting cumulative net inflows to about $12.9 billion. Total net assets are about $13.8 billion.

The difference in fund flows also coincided with price moves. Bitcoin’s rise cooled after hawkish remarks in a Jackson Hole speech by Kevin Warsh, chair of the U.S. Federal Reserve, and later slipped to around $78,000.