US BTC-Spot ETF Market Sees Weekly Outflows
During the week ending August 9, the US BTC-spot ETF market saw total net outflows of $167.0 million, following outflows of $80.7 million the previous week.
According to Farside Investors:
- Grayscale Bitcoin Trust (GBTC) saw net outflows of $391.8 million in the week ending August 9 (previous week: -$245.1 million).
- The Fidelity Wise Origin Bitcoin Fund (FBTC) saw net outflows of $77.1 million (PW: -$192.9).
- The 21Shares ARK Bitcoin ETF (ARKB) and Bitwise Bitcoin ETF (BITB) reported net outflows of $65.1 million and $12.2 million, respectively.
- iShares Bitcoin Trust (IBIT) reported net inflows of $219.7 million.
- The WisdomTree Bitcoin Fund (BTCW) saw net inflows of $129.0 million.
- Grayscale Bitcoin Mini Trust (BTC) saw net inflows of $47.1 million.
Capital outflows from the US spot BTC ETF market have partially offset demand for BTC stemming from a shift in sentiment toward the US labor market. However, oversupply risks persist, with Mt. Gox and the US government sitting on sizable BTC inventories.
Risk of BTC overproduction
Bitcoin (BTC) rose 3.81% to $60,524 from Monday, August 5 to Saturday, August 10.
On Monday, BTC fell 6.91% on expectations of a narrowing of the US-Japan interest rate differential. USD/JPY fell to a Monday low of 141.684 as the yen carry trade unwound.
However, US jobless claims data countered the effects of the US jobs report on Friday, August 2, with bets on a Fed rate cut supporting a BTC rally.
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