Bitcoin ETFs Break 9-Day Inflow Streak as BTC Drops Below $78,000

Bitcoin ETFs face reversal after nine-day winning streak

US spot Bitcoin ETFs recorded $201.8 million in net outflows on Friday, breaking a nine-day streak of inflows. The withdrawal of funds came as the price of Bitcoin fell below the $78,000 mark.

Despite the daily reversal, the broader trend for the month remains positive. August flows are still up by $3.3 billion with one US trading session remaining. Total assets under management for these funds slipped back below $100 billion, settling at $97.6 billion.

Key fund flows and asset numbers

• Bitcoin ETFs saw $201.8 million in net outflows on Friday.
• Total fund assets dropped to $97.6 billion from over $100 billion on Thursday.
• ARK 21Shares Bitcoin ETF (ARKB) led withdrawals with $114.9 million in outflows.
• BlackRock’s iShares Bitcoin Trust (IBIT) recorded $33.4 million in outflows.
• Morgan Stanley’s Bitcoin Trust was the only fund to see inflows, adding $9.3 million.

Other crypto funds buck the trend

While Bitcoin ETFs struggled, other cryptocurrency funds continued to attract money. Ether ETFs added $102.2 million in inflows, and XRP ETFs added $26.2 million. These were the first inflows for those categories since mid-August.

Solana ETFs also showed strength. Bloomberg ETF analyst Eric Balchunas noted that the category has attracted $1.7 billion in cumulative flows without a sustained period of outflows. Additionally, Bitwise’s Solana ETF became the first in its category to cross the $1 billion asset milestone.

Why this shift matters for investors

The movement highlights a rotation in investor interest within the crypto market. After a nine-session run where Bitcoin ETFs pulled in more than $3 billion, the recent data suggests capital is diversifying into other major cryptocurrencies like Ethereum, XRP, and Solana. This occurs despite what analysts have described as a difficult first half of the year for the broader market.

• Cointelegraph