Spot Ethereum And Bitcoin ETF Records Joint Outflows, Tether Reaches ATH

All eleven United States Bitcoin ETFs on Friday had a net outflow of $237.4 million by the end of the trading session. This marks the biggest outflow from May when it had $563.8 million in total outflows. Fidelity Wise Origin Bitcoin Fund (FBTC) had the biggest outflow on the 2nd of August, recording a loss of $104.1 million in total outflow.

Ark and 21Shares’ ARKB made the second list with $87.7 million in outflows. Grayscale’s GBTC made it third on the list but has continued to drop. As of yesterday, it lost $45.9 million in total outflows, while VanEck’s HODL had a $23 million outflow.

BITB from Bitwise recorded $29.4 million in total outflows, while BlackRock’s IBIT, among the top performers, recorded $42.8 million in inflows. The newly launched Grayscale Bitcoin Mini Trust from Grayscale, on the other hand, had $9.9 million in inflows, making it and BlackRock’s IBIT the only two spot ETFs to record an inflow yesterday.

Data Shows More Drop In Cryptocurrency ETFs 

The rest of the Bitcoin ETFs have maintained neutrality amid ending on a negative note within the week. Data from Crypto News has it that all the spot Bitcoin ETFs recorded a little over $80.68 million. Data extracted from SoSoValue revealed that the cumulative trading volume for the Bitcoin ETF on the 2nd of August was $2.34 billion.

This has dropped from its initial $2.91 billion on Thursday the 1st of August – which is still higher than the $1.37 billion it had on the 31st of July. However, Franklin’s EZET recorded $6 million, while Fidelity’s FETH recorded $1.1 million. These were far lesser than the Ethereum ETF outflows by a big margin, which could offset the overall accumulated losses.

The rest of the Ethereum ETFs recorded zero net flow on Friday. Among the bad performers with zero flows are Invesco Galaxy Bitcoin ETF, Franklin Bitcoin ETF, and Coinshares Valkyrie Bitcoin Fund ETF. Last week, they recorded harsher trading activity for the Ethereum ETFs, with a significant withdrawal of  $169.4 million from the previous trading days.

Price of Bitcoin Drops by 4.4%, As Tether Makes New Milestone 

Another SoSoValue data revealed that the average trading volume for the spot Ethereum ETFs on the 2nd of August was $438.61 million. It recorded  $331.11 million, a much higher volume than on the 1st of August but less than  $472.5 million on the 31st of July. The joint outflow from the spot Bitcoin ETF on the 2nd of August marked a major slide from its previous activity on the 1st of August.

The last time both ETFs saw positive inflows like this one was on the 23rd of July, during the launch of all nine spots of Ethereum ETF. CoinGecko says that the latest outflows recorded from these products rhyme with the global 4.5% decrease in cryptocurrency market capitalization in the last 24 hours.

The price of Bitcoin dropped by 4.4%, now trading at  $62,000. On the other hand, Ethereum dropped by 5% and is currently trading at slightly over $3,000. In a new development, Tether has emerged as the biggest stablecoin by market capitalization and has recorded a 1.61% growth within the week.

PayPal USD, USD Coin, Tether, Others Marks New Milestone 

This milestone has pushed Tether to attain a new all-time high (ATH) of  $116 billion in market capitalization. This makes it the eleventh consecutive month it will experience such growth in its market capitalization. Data from DefiLlama says that Tether (USDT) now controls almost 70% of the global stablecoin market.

As of the 31st of July, the company announced a major profit of $5.2 billion in its first six months of operation in 2024. Other top performing stablecoins that made it to the list with Tether are  PayPal USD, USD Coin, and BlackRock’s BUIDL.

PayPal USD recorded 17.9% growth, representing $589 million in its market capitalization. USD Coin had a 73.5% of the stablecoin market share; non-performers like Ethena USDe and  Digital USD recorded a major drop in market capitalization.