US BTC spot ETF market records weekly outflows
For the week ending August 9, the U.S. BTC spot ETF market recorded net outflows totaling $167.0 million, following outflows of $80.7 million the previous week.
According to Farside Investors:
- Grayscale Bitcoin Trust (GBTC) recorded net outflows of $391.8 million in the week ending August 9 (previous week: -$245.1 million).
- Fidelity Wise Origin Bitcoin Fund (FBTC) had net outflows of $77.1 million (PW: -192.9).
- ARK 21Shares Bitcoin ETF (ARKB) 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.
- WisdomTree Bitcoin Fund (BTCW) had net inflows of $129.0 million.
- Grayscale Bitcoin Mini Trust (BTC) recorded net inflows of $47.1 million.
Outflows from the US BTC spot ETF market have partially offset BTC demand due to changing sentiment towards the US labor market. However, risks of oversupply remained as Mt. Gox and the US government sit on significant BTC stashes.
Risk of BTC oversupply
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 interest rate differentials between the US and Japan. The USD/JPY fell to a Monday low of 141.684 on the back of the unwinding of the yen carry trade.
However, the US unemployment data counteracted the impact of the US jobs report on Friday, August 2, and bets on a Fed rate cut, supporting a recovery in BTC.
