Crypto
Bitcoin ETFs Reverse Course After Strong Inflows
The Bitcoin ETFs saw a reversal in fortunes after a strong first week of August. Following net inflows of over $850 million during that period, which was their best since April, the funds lost almost $390 million in the second full week of August.
Monday was particularly tough, with $144.67 million withdrawn from the funds. Other days saw significant redemptions as well: Wednesday ($61.16 million), Thursday ($131.13 million), and Friday ($57.63 million). Tuesday's small inflow of $4.89 million couldn't offset these losses.
The largest Bitcoin ETF, BlackRock's IBIT, continues to have nearly $47 billion in net assets, followed by Fidelity's FBTC with $10.70 billion and Grayscale's GBTC with $8.26 billion.