Bitcoin Drops as ETFs Record Third Day of Net Outflows

Crypto markets traded lower on Friday, with spot Bitcoin exchange-traded funds (ETFs) suffering net outflows, indicating a decrease in demand.

Bitcoin (BTC) fell 4% to trade below $59,000 again, while Ethereum (ETH) dropped 5% to $2,450. Meanwhile, Polkadot (DOT) recorded a 6% decline, and Solana (SOL) plunged 9%.

Earlier today, Ethereum co-founder Vitalik Buterin transferred 800 ETH, worth around $2 million, according to on-chain analyst Lookonchain. On Aug. 9, Buterin sent 3,000 ETH, worth more than $8 million, to another wallet. ETH has remained below $3,000 since Aug. 4.

According to data from Farside Investors, spot Bitcoin ETFs recorded $71.8 million in net outflows on Thursday, marking the third consecutive day of withdrawals.

BlackRock’s iShares Bitcoin ETF (IBIT) reported its first negative flows since May 1, with $13.5 million moving out. The Fidelity Bitcoin ETF (FBTC) documented $31 million in net withdrawals, while the Grayscale Bitcoin Trust (GBTC) registered outflows of $23 million.

In the past 24 hours, 63,963 traders were liquidated, with total liquidations amounting to $172.33 million, according to CoinGlass. Liquidations included Bitcoin (BTC) and Ethereum (ETH) long positions — bets that the prices would rise — worth $46 million and $31 million, respectively.

All of the top 100 cryptocurrencies by market capitalization posted losses. Memecoins POPCAT and FLOKI were the worst performers, dropping 21% and 20%, respectively.

Stock Markets Trade Higher

In contrast to crypto markets, stocks posted modest gains on Friday. The S&P 500 traded 0.3% higher, while the Nasdaq Composite gained 0.5%.

According to data from the Commerce Department, the Personal Consumption Expenditures index, the Federal Reserve’s preferred measure of inflation, increased by 0.2% month-over-month and 2.5% year-over-year, matching Dow Jones analysts' expectations.