US BTC spot ETF market records weekly outflows
For the week ending August 16, the U.S. BTC spot ETF market saw net inflows totaling $12.9 million, excluding flow data for iShares Bitcoin Trust (IBIT). The U.S. BTC spot ETF market saw net outflows of $167.0 million during the previous week.
According to Farside Investors:
- Grayscale Bitcoin Trust (GBTC) reported net outflows of $195.2 million in the week ending August 16 (previous week: -$391.8 million).
- ARK 21Shares Bitcoin ETF (ARKB) reported net inflows of $35.9 million.
- Bitwise Bitcoin ETF (BITB) had net inflows of $11.8 million.
- iShares Bitcoin Trust (IBIT) recorded net inflows of $50.7 million (Monday-Thursday).
- Fidelity Wise Origin Bitcoin Fund (FBTC) had net inflows of $82.1 million (PW: -$77.1).
- Grayscale Bitcoin Mini Trust (BTC) recorded net inflows of $21.6 million.
Positive sentiment towards the US economy and inflows into US BTC spot ETFs helped counteract oversupply risks.
SEC vs. Ripple: Chief Legal Officer speaks about SEC appeal
XRP rose 2.10% to $0.5644 from Monday, August 12 to Saturday, August 17.
Stuart Alderoty, Chief Legal Officer of Ripple, discussed the SEC vs. Ripple case and the chances of an appeal in an interview with CryptoLaw.
Significantly, Alderoty addressed speculation that the SEC would appeal the ruling on the programmatic sale of XRP, saying:
“The status of XRP as a non-security and the trading of XRP in the secondary market as a non-security transaction are required by law and will not change if the SEC appeals.”
However, the market reaction to this comment was relatively muted compared to the reaction to the July 2023 Programmatic Sales ruling.
In July 2023, XRP rose from under $0.50 to a high of $0.9327 in response to the ruling on programmatic sales of XRP. However, fearing an appeal, XRP fell back to under $0.50 by mid-August.
The muted response underscored confusion over the SEC’s ability to appeal.
Former SEC attorney Marc Fagel previously commented on the final ruling, saying:
“The SEC won on institutional sales, which were deemed unlawful; Ripple won on ‘programmatic’ sales (i.e., sales through third-party intermediaries). The SEC would appeal the latter (but Ripple would likely appeal the former).”
