US Spot Bitcoin and the Ethereum Exchange Trade Fund (ETF) totaled nearly $1 billion on August 19, extending their streak of investor withdrawals.
These heavy leaks can be linked to recent price corrections in the crypto market.
According to Encryption Data, Bitcoin prices have been raised from the recent high in the last 24 hours to a low of $112,000. This is the lowest level since early August.
Notably, Ethereum has taken a similar path, falling more than 8% in the past week, trading for around $4,200 when reported.
Bitcoin and Ethereum ETF leaks
According to Sosovalue data, the Bitcoin ETF was borne by redemption, losing $523 million in one day.
Fidelity’s FBTC led the retreat with a $246.9 million spill, while Grayscale’s GBTC poured $115.53 million.
Additional spills came from Bitwise’s BITB, with a $87 million outflow, while Ark 21Shares’ ARKB fund recorded a $64 billion capital outlet. Franklin Templeton’s Ezzett saw the smallest outflow that day, with about $3 million left the fund.
Meanwhile, other Bitcoin ETF products, such as BlackRock’s IBIT and Vaneck’s HODL, were stable without registering inflows or outflows.
Meanwhile, Ethereum ETF saw similar pressure that day, recording a $422.3 million redemption. This marked the second-largest one-day withdrawal since the Spot Ether Funds debuted earlier this year.
Fidelity’s Feth lost $156.32 million, followed by two Grayscale Ethereum products that flowed over $200 million. Bitwise’s ETHW also recorded a massive spill of over $39 million.
Other ETH financial products, including BlackRock’s ETHA, Vaneck’s ETHV and 21Shares Ceth fund, have lost $15 million.
Despite significant reductions in these assets, US-based Crypto ETFS’ assets managed remain at record levels.
According to SOSO value data, Bitcoin ETF collectively manages $14.6 billion, while Ethereum ETF maintains about $2.6 billion.
Crypto ETFS enthusiasm lasts
Despite the substantial redemptions of BTC and ETH funds, attention is moving towards the next wave of Spot Crypto ETFs.
Novadius Wealth president Nate Geraci argued that approvals for additional products are tight, saying “Floodgates” could open within two months as a clearer regulatory framework is formed.
He also points out possible permissions to staking the Spot Ethereum ETF, calling the rest of the year “potentially wild” for the sector.
In particular, the SEC is currently reviewing applications for ETFs associated with XRP, Solana, Litecoin, and other prominent tokens.
Bloomberg ETF analysts James Seifert and Eric Balknath predict that more than 90% of these products are likely to be approved, citing the agency’s current pro-crypto leadership.
