Bitcoin and Ether ETFs recorded nearly $6 billion in trading volume amid the global market turmoil on August 5 2024.
According to data from CoinGlass, spot Bitcoin ETFs registered a total daily volume of $5.74 billion on the day, with more than half coming from BlackRock’s iShares Bitcoin Trust (IBIT).
This is the first time spot Bitcoin ETFs in the U.S. have registered over $5 billion since mid-April 2024.
Fidelity’s FBTC moved over $858 million, registering the second most significant trading volume in the U.S.
Despite an outflow of nearly $148 million, Grayscale’s GBTC trading volume surpassed $693 million, making it the ETF with the third-largest trading amount for the day.
Spot Ether ETFs on their part recorded $715.3 million in trading volume, led mainly by Grayscale’s Ethereum Trust (ETHE) and BlackRock’s iShares Ethereum Trust (ETHA).
According to Eric Balchunas, senior ETF analyst at Bloomberg, Bitcoin bulls don’t want to see a lot of volume on a bad day, as it is a ‘pretty reliable measure of fear.’
Bitcoin which has lost 16.4% in the last seven days was trading at $55,662 at time of writing.Crypto markets have recovered slightly after a sudden drawdown in the last 24 hours that saw Bitcoin dip below $50,000 for the first time since February 2024. The decline can be traced back to August 4 2024 when news surfaced that trading firm Jump Trading had transferred hundreds of millions of Ether ($ETH) to exchanges.
The price drop intensified on August 5 2024 following significant declines in the Japan NIKKEI and the unwinding of the Japanese Yen carry trade which had an effect on global financial markets.
Despite the large trading volumes, the Bitcoin ETFs reflected the carnage in the primary markets, with a cumulative outflow of $168.5 million according to CoinGlass.
The Grayscale Bitcoin Trust and ARK 21Shares Bitcoin ETF (ARKB) each posted outflows of $69 million on the day, while the Bitwise Bitcoin ETF (BITB) and the Grayscale Bitcoin Mini Trust (BTC) recorded inflows of $2.9 million and $21.8 million, respectively.
The Grayscale Ethereum Trust meanwhile saw outflows of $46.8 million on the day, while Bitwise and Franklin Templeton’s ETFs saw inflows of $7.2 million and $900,000 respectively.
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