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Home News Crypto ETFs

US Spot Bitcoin ETFs Records $20.5 Million in Net Outflows as Daily Trading Volume Declines

4 July 2024
in Crypto ETFs, News
Reading Time: 3 mins read
102 6
Source: Finbold

Source: Finbold

Last updated on July 8th, 2024 at 12:36 pm

On Wednesday, July 3, 2024, the 11 US-based spot Bitcoin exchange-traded funds (ETFs) experienced a modest daily net outflow of $20.5 million, according to data from Farside Investors. This development comes amid a notable decrease in overall trading volume.

The day’s trading activity was characterized by minimal movement across most funds, with only two experiencing significant asset flows through their portfolio. Grayscale’s $GBTC recorded a net outflow of $27 million, which was partially offset by Fidelity Investments’ $FBTC, which saw a net inflow of $6.5 million.

Meanwhile, according to data from SoSo Value, the total trading volume on Wednesday was $807.87 million, marking a substantial decline from Tuesday’s $995 million. This decrease reflects a broader trend of reduced trading activity in the spot Bitcoin ETF market.

The current trading volume represents a significant drop from the market’s peak in March 2024 when daily volumes reached $8 billion to $10 billion. Despite this decline, the cumulative net inflow for these ETFs since their inception remains impressive at $14.62 billion, with a total net asset value of approximately $51.87 billion as of July 3, 2024.

Interestingly, this latest data contrasts with our report from the previous week, which indicated a strong start to July for these funds. The market recorded significant inflows at the beginning of the month, with Fidelity’s $FBTC leading the charge with a $65 million inflow.

Other funds, such as Bitwise’s $BITB, Ark 21 Shares’ $ARKB, VanEck’s $HODL, Invesco Galaxy’s $BTCO, and Franklin Templeton’s $EZBC, also recorded positive flows during that period.

This fluctuation in fund flows and trading volumes highlights the dynamic nature of the spot Bitcoin ETF market as investors continue to navigate this relatively new investment vehicle in the context of broader cryptocurrency market trends.

According to CoinMarketCap, Bitcoin is currently trading at $57,714.78, a 4.04% decrease from its value in the last twenty-four hours. 

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: BTCUS
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Precious James

Precious James

Precious James is a seasoned forex and crypto trader who loves sharing insights through engaging and accessible content. When not analyzing markets, Precious enjoys quality time with their beloved dogs. This blend of expertise and personal passion adds a unique, relatable touch to Defi Planet's content.

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