U.S. spot bitcoin ETFs lost about $120 million on Wednesday, a second straight red day, while ether, XRP, and solana funds all turned positive. Ark and 21Shares' ARKB drove most of the bitcoin outflow, and most bitcoin funds now trade at a discount to the value of their holdings.
U.S. spot bitcoin ETFs lost about $120 million on Wednesday, according to SoSoValue, marking a second consecutive day of net redemptions. Ark and 21Shares' ARKB accounted for $78 million of the outflow, with Grayscale's GBTC shedding $27 million and BlackRock's IBIT losing $20 million. Morgan Stanley's MSBT was the only fund taking in money, at roughly $4 million, while the other eight bitcoin ETFs printed zero flows.
The rest of the digital-asset ETF market moved the other way. Ether funds pulled in nearly $35 million after Tuesday's $24 million loss, and XRP and solana funds each took in $12 million. Hyperliquid products lost $5 million.
Every bitcoin fund traded at a discount to the value of its underlying holdings except Grayscale's mini trust and Invesco's BTCO, meaning investors paid less for shares than the bitcoin backing them was worth. Cumulative inflows into bitcoin ETFs since launch stand at $55.45 billion.
ARKB has now swung from a $138 million inflow on Sept. 3 to a $78 million redemption six days later, since one desk has been setting the daily total for the complex. Watch whether that fund prints a third direction change this week.
Source: CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data
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