The U.S. spot bitcoin exchange-traded funds (ETFs) market has experienced a significant decline in trading volume, reaching its lowest point since early February. On Monday, the total trade volume across U.S. spot bitcoin ETFs was just $779.87 million, a sharp drop from the $5.24 billion recorded on August 6.According to data from SoSoValue, this low trading volume is the third lowest daily trade volume overall for U.S. spot bitcoin ETFs.
Key Highlights:
The spot ether ETFs market also experienced a significant decline, with a daily trade volume of around $124 million, the lowest since its debut. The nine spot ether funds saw $13.52 million in net outflows, led by Grayscale ETHE's $20.30 million outflow. Grayscale's Ethereum mini trust recorded small net inflows of $4.92 million, while Bitwise's ETHW added $1.87 million.The low trading volumes in both the spot bitcoin and ether ETFs markets suggest a cautious approach from investors, who are waiting for more signals from the upcoming Federal Reserve meeting in Jackson Hole later this week.
- The decline is attributed to the market sentiment remaining low since the heavy sell-offs a few weeks ago, as well as the summer holidays and lowering concerns about an imminent recession.The low trading volume was accompanied by $61.98 million in net inflows, with BlackRock's IBIT seeing $92.68 million in inflows and Fidelity's FBTC adding $3.87 million. However, these inflows were partially offset by $25.72 million in net outflows from Bitwise's spot bitcoin fund and $8.84 million in negative flows from Invesco's BTCO.
