Bitcoin and Ethereum ETFs drop to new lows after week of bearish price action

After a bearish week for the prices of many crypto tokens—only three of the top 50 tokens by market cap gained on the week, as per The Block's price page—the value of U.S.-based spot bitcoin and spot Ethereum exchange-traded funds have hit new multi-month lows. 

On Friday, U.S. spot Bitcoin ETFs logged nearly $170 million worth of outflows, bringing the total cumulative value of the 12 funds on the market to $48.24 billion. It's the first time in one month that value has fallen below $50 billion and the lowest cumulative value since May 1. Before that, one would have to go back to the end of February to find similar numbers, according to SoSoValue data . 

While industry leader BlackRock failed to log any inflow or outflow on its IBIT fund, No.2, Grayscale's GBTC, saw a $53 million outflow while Fidelity's FBTC saw $85 million in outflows, the most for Friday. Bitwise's BITB saw $14 million worth of outflows while Ark & 21Shares ARKB saw $7 million in outflows, and both Grayscale's BTC Mini Trust and Valkyrie's BRRR logged about $5 million in outflows. 

The daily total of nearly $170 million in outflows marks the eighth straight trading days of outflows for the spot Bitcoin funds. 

Ethereum funds likewise fall

While the total asset value of spot Bitcoin funds reached multi-month lows, the same metric for U.S.-based exchange-traded funds trading Ether fell to its lowest value yet recorded after $6 million in outflows brought the total value held by the funds to merely $6.09 billion. That's about a 41% drop from the total asset value of the funds on the first day of trading, $10.24 billion, according to SoSoValue data . 

Only two funds logged changes in net asset value on Friday: Grayscale's ETHE saw $10 million worth of outflows, while Blackrock's ETHA logged $4.7 million worth of inflows. The net-negative day continues a streak of six days of negative or zero outflows for the Ethereum ETFs. The funds have logged an outflow of about $91 million so far in September.