Significant Outflows Witnessed in Bitcoin and Ethereum ETFs on August 2nd

Outflows from US Bitcoin (BTC) and Ethereum (ETH) ETFs were significant on August 2nd, according to on-chain analytics provider Spot On Chain. Bitcoin ETFs saw $237 million in outflows, while Ethereum ETFs recorded $54 million in outflows. This is the largest outflow for Bitcoin since May 2nd. Over the past week, the ten US BTC ETFs experienced a total outflow of $80.7 million, with outflows occurring on two out of five trading days. Eight BTC ETFs, excluding BlackRock’s IBIT, did not see any inflows during this trading week. Similarly, the nine US ETH ETFs had outflows of up to $169 million during the second week of trading, with outflows occurring on three out of five trading days. The Grayscale ETHE fund had the least outflow at $61.4 million, indicating a retreat from a major player in the Ethereum ETF sector. Overall, these outflows suggest a decrease in investor enthusiasm for BTC and ETH ETFs.