Bitcoin ETFs Post Losses in August
In spite of a positive net inflow streak of eight days, US spot Bitcoin ETFs ultimately saw a net outflow of $94 million for the month of August, according to data from SoSoValue. This is a relatively small amount, as it could be the result of a single good or bad day for the funds.
For example, on August 23, the funds saw a net inflow of $250 million, which was their best day of the month, while their worst day, August 2, resulted in a net outflow of $237 million.
The declining price of Bitcoin in August also contributed to a decrease in the total net assets of all commercially available Bitcoin funds, dropping by $4.24 billion to around $53.8 billion.
Although the funds had an eight-day streak of net inflows before recent outflows, the negative net inflow in August was caused by leading Bitcoin fund BlackRock’s IBIT seeing its first outflow since May.
