This period lasted nine trading sessions, starting on August 17, when U.S. spot Bitcoin exchange-traded funds (ETFs) were attracting new funds daily (total inflows grew to approximately $3.04 billion before the trend was interrupted). On August 28, the funds experienced a net outflow of $202 million, ending this streak.
This nine-day period had already allowed the aggregate assets of Bitcoin ETFs to surpass a milestone few expected to reach so quickly. As Bitcoin.com News reported, on August 27, the group's total net assets exceeded $100 billion: the iShares Bitcoin Trust (IBIT) added $277.6 million in a single day, while Fidelity's FBTC lost $83.6 million, and Grayscale's GBTC shed another $27.2 million in the opposite direction.
At the same time, Bitcoin ETFs have experienced sharp swings in both directions this year. Back in May, this same group of funds recorded a record nine-day outflow streak, during which approximately $2.8 billion was withdrawn, while Bitcoin's price fell from around $80,000 to $73,000.
Ether Funds Continue Buying
Spot Ethereum ETFs painted a different picture: instead of following Bitcoin, funds investing in this altcoin attracted $102 million, extending their buying streak to ten consecutive days. The Ethereum funds received support, considering that in early August, this category attracted $2.6 billion during its strongest weekly inflow since October (with BlackRock's ETHA ETF bearing the main load, tripling the usual trading volume in the sector at the time).
The price of Ether itself largely mirrored Bitcoin's price dynamics, although their ETF performances diverged—albeit for just one day.
Current Bitcoin Price
The outflow occurred at an interesting moment for Bitcoin's price, given that on August 28, the asset opened at $80,261.86 and then declined to its current level around $77,500. Over the past week, the asset is up only 1%, so one day of ETF selling looks more like profit-taking than panic, especially with approximately $6.4 billion in Deribit options expiring on the same Friday.
Nevertheless, one day of decline will not undo the $3 billion increase, and analysts tracking ETFs will scrutinize the next session's data to understand whether yesterday was just a temporary blip or the start of a longer trend. Ethereum-investing funds, for their part, enter the new week continuing their ten-day inflow streak.
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