US spot Bitcoin exchange-traded funds (ETFs) experienced $812.25 million in net outflows on Friday, marking the second-largest single-day redemption in their history. The drawdown wiped out a week’s worth of gains and reduced cumulative net inflows to $54.18 billion. Total assets under management decreased to $146.48 billion, now representing 6.46% of Bitcoin’s ($BTC) market capitalization.
Fidelity’s Bitcoin ETF (FBTC) led the withdrawals with $331.42 million in redemptions, closely followed by ARK Invest’s ARKB ($327.93 million). Grayscale’s GBTC saw losses of $66.79 million, with BlackRock’s IBIT recording relatively minor redemptions of $2.58 million.
Despite the outflows, trading volumes remained robust, with $6.13 billion in value exchanged across all spot Bitcoin ETFs on Friday.
Ethereum ETFs also ended a significant inflow streak. After experiencing net inflows for 20 consecutive trading days, the sector recorded a $152.26 million outflow on Friday, bringing total assets under management down to $20.11 billion (4.70% of Ethereum’s ($ETH) market cap).
Grayscale’s ETHE accounted for the majority of losses, shedding $47.68 million, followed by Bitwise’s ETHW ($40.30 million). Fidelity’s FETH saw $6.17 million in outflows, while BlackRock’s ETHA remained unchanged despite holding $10.71 billion in assets.
Value traded across all spot Ethereum ETFs totaled $2.26 billion, with Grayscale’s ETHE contributing significantly to the volume. The recent 20-day inflow streak ended after periods of record inflows on July 16 ($726.74 million) and July 17 ($602.02 million).
Meanwhile, corporations and crypto treasury firms have significantly increased their Ether holdings. According to Standard Chartered, these entities purchased Ether at twice the rate of acquiring Bitcoin since June. Since the beginning of June, they are believed to have accumulated approximately 1% of Ethereum’s circulating supply.
The bank cites this accumulation, coupled with inflows into US spot Ether ETFs, as driving Ether’s recent price rise. Standard Chartered anticipates these trends could push Ether towards the $4,000 mark by year-end.
The bank predicts Ether treasury holdings could expand to 10% of the total supply, benefiting from staking yields and DeFi involvement.
