Deniz 
The value of U.S.-based spot bitcoin and spot Ethereum exchange-traded funds has hit fresh multi-month lows following a negative week for the values of several crypto tokens—only three of the top 50 tokens by market size gained on the week.
U.S.-spot Bitcoin ETFs had around $170 million worth of outflows on Friday, so pushing the total cumulative value of the 12 funds on the market to $48.24 billion. worth has dropped below $50 billion for the first time in one month and has the lowest cumulative worth since May 1. Based on SoSoValue statistics, one would have to return to the end of February to get similar values before then.
While industry leader BlackRock failed to report either inflow or outflow on its IBIT fund, No. 2, Grayscale’s GBTC experienced $53 million withdrawals while Fidelity’s FBTC saw most for Friday—$85 million. Bitwise’s BITB saw $14 million worth of inflows; Ark & 21Shares ARKB saw $7 million; both Grayscale’s BTC Mini Trust and Valkyrie’s BRRR registered roughly $5 million in outflows.
For the spot Bitcoin funds, the daily total of about $170 million in withdrawals represents the eighth consecutive trading day of outflows.
While the total asset value of spot Bitcoin funds reached multi-month lows, the comparable measure for U.S.-based exchange-traded funds trading Ether dropped to its lowest value yet recorded after $6 million in withdrawals pushed the total value owned by the funds to barely $6.09 billion. Based on SoSoValue data, that represents a 41% decline from the funds’ total asset value on the first day of trade, $10.24 billion.
Friday’s net asset value showed only two funds registered changes: Blackrock’s ETHA logged $4.7 million worth of inflows while Grayscale’s ETHE noted $10 million worth of outflows. For the Ethereum ETFs, the net negative day carries on a six-day pattern of negative or zero outflows. So far in September, the funds have shown an outflow of almost $91 million.
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