US spot bitcoin ETFs see lowest daily trading volume since early February

U.S. spot bitcoin exchange-traded funds saw $61.98 million daily net inflows amidst a $779.87 million daily total trade volume on Monday, the lowest amount since Feb. 6 and the third lowest daily trade volume overall.

According to SoSoValue data, yesterday’s trade volume shows a fair drop from the daily trade volume of $5.24 billion on Aug. 6.

“The low trading volume is expected as the market sentiment has remained low since the heavy sell-offs a few weeks ago,” SOFA.org Head of Insights Augustine Fan told The Block. “It is also worth noting that summer holidays and lowering concerns about imminent recession with recent data have left investors to wait for more signals on the Fed’s Jackson Hole meeting later this week.” 

Monday saw $92.68 million net inflows into BlackRock’s IBIT and $3.87 million from Fidelity’s FBTC. The inflows were countered by $25.72 million net outflows from Bitwise’s spot bitcoin fund, while Invesco’s BTCO saw $8.84 million in negative flows.

Spot ether ETFs reported their lowest daily trade volume since debut, around $124 million. 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, and Bitwise’s ETHW added $1.87 million to the fund.

“TradFi continues to be cautious with ETH ETF buying on the lack of clarity over staking legalities, as well as various ETF issues pulling their Solana ETF approvals over the past few days,” Fan told The Block. 

The Block reported Monday that the U.S. Securities and Exchange Commission discussed concerns about Solana’s potential status as a security with prospective Solana ETF issuers prior to Cboe BZX removing Solana ETF 19b-4 filings.

Meanwhile, the price of bitcoin rose 4.22% in the past 24 hours to $60,935, and ether grew 1.68% to $2,672, according to The Block’s crypto price page. 

“BTC remains range bound at around 60k as the fear of supply selling weighing on prices against better macro sentiment,” Fan added. “On the other hand, ETH continues to disappoint across the board with the same fundamental issues plaguing low mainnet use versus L2.”