On August 19th, U.S. spot Bitcoin ETFs saw their trading volume plummet to just $779.87 million, the lowest point since early February. At the same time, spot Ethereum ETFs also endured their worst trading day since their launch.

Bitcoin Spot ETF Trading Volume Hits New Low Since February

According to data from SoSoValue, the total daily trading volume for spot Bitcoin ETFs on August 19th fell sharply to $779.87 million, a significant decline from $5.24 billion at the start of August 2024. This marked the third time this year that trading volume has hit rock bottom, making it the most disappointing trading day in over six months.

Augustine Fan, Head of Research and Analysis at SOFA.org, commented:

"Low trading volumes were expected as market sentiment remains weak following the massive sell-off a few weeks ago. Additionally, concerns about the possibility of an economic recession based on recent data have made investors cautious, waiting for further signals from the Fed’s Jackson Hole meeting later this week."

During this sluggish session, BlackRock’s spot Bitcoin ETF, IBIT, saw an inflow of $92.68 million, while Fidelity’s FBTC fund gained an additional $3.87 million. On the other hand, Bitwise’s BITB fund and Invesco’s BTCO fund experienced outflows of $25.72 million and $8.84 million, respectively. Notably, none of the other eight funds recorded any inflows during the August 19th session.

BTC’s price rose by 4.76% in the past 24 hours, hovering around $60,800.

Overview of 12 U.S. Bitcoin Spot ETFs

In addition, spot Ethereum ETFs recorded their lowest daily trading volume since launch, reaching only about $124 million. In total, nine Ethereum ETFs saw net outflows totaling $13.52 million on August 19th, with Grayscale’s ETHE fund seeing a $20.3 million outflow. Conversely, Grayscale’s Ethereum mini trust fund registered an inflow of $4.92 million, and Bitwise’s ETHW ETF added another $1.87 million to its assets.

ETH’s price also saw a modest increase of more than 3.4% in the past 24 hours, with ETH trading at $2,650 per coin at the time of this writing.

Amid this bleak ETF scenario, many believe that Bitcoin is holding steady around $60,000 due to concerns over ongoing selling pressure, despite some positive macroeconomic indicators. As for Ethereum, its recent performance continues to disappoint as users increasingly migrate to Layer-2 solutions like Base, Optimism, and Arbitrum, or switch to other blockchains like Solana and Tron.