Bitcoin And Ethereum ETFs See Massive Reverse After Their Record Highs In July

US spot crypto exchange-traded funds (ETFs) stumbled into August with nearly $1 billion in combined outflows, ending what had been a strong run in July.

Data from SoSoValue revealed that investors pulled $812 million from 12 US-listed Bitcoin ETFs on August 1. This marked the largest single-day withdrawal in five months and the second-worst for this year.

Crypto ETFs Shock Outflow Contrasts Historic July Gains And Regulatory Developments

Ethereum ETFs, which had recently gained momentum, also saw notable redemptions on the day.

In total, $153 million exited the nine Ethereum products, marking their third-largest single-day outflow since launch and ending a 20-day streak of inflows. During the inflow streak, ETH ETFs pulled in more than $5 billion in fresh capital.

This reversal comes on the heels of a banner month in July, where the crypto industry had scored significant gains.