Key Insights
- Bitcoin price faced pressure as spot ETF outflows reached $57.63 million.
- Bitcoin supply in profit fell to 51.4%, pointing to deeper holder losses.
- Ether ETFs recorded zero net flows, showing weaker institutional positioning.
Bitcoin price traded near $63,000 as ETF flows and onchain profitability weakened market positioning.
SoSoValue data showed U.S. spot Bitcoin ETFs recorded $57.63 million in net outflows on Aug. 14. The session marked the third consecutive day of withdrawals.
Bitcoin traded around $62,800 to $63,000 during Friday trading. Investopedia reported Bitcoin near $62,500 that morning, while Economic Times placed it at $62,847.
Meanwhile, Bitcoin supply in profit fell to 51.4%, its lowest level in over three years. The reading showed almost half of circulating supply sitting at an unrealized loss.
Ether ETFs recorded zero net flows during the same session, adding another weak institutional demand signal.
Bitcoin Price Pressured as ETF Outflows Center on BlackRock
SoSoValue data shows cumulative Bitcoin ETF net inflows stood at $51.79 billion after the August 14 session. Meanwhile, total trading value across the products reached $1.06 billion during the day.
Notably, BlackRock’s IBIT accounted for most of the daily withdrawals. The fund recorded $55.51 million in net outflows, equal to approximately 883.34 BTC.
Fidelity’s FBTC also registered withdrawals, with $6.84 million leaving the fund. That figure represented about 108.79 BTC based on the reported data.
However, Bitwise’s BITB moved against the overall flow direction. The product attracted $6.14 million, equivalent to approximately 97.68 BTC.
Several other products recorded no daily net movement. They included Grayscale’s GBTC and BTC, ARKB, HODL, and Morgan Stanley’s MSBT.
The asset distribution also shows IBIT holding the largest net asset balance at $46.90 billion. FBTC followed with $10.70 billion, while GBTC held $8.26 billion.
Meanwhile, Grayscale’s BTC product held $3.79 billion. IBIT’s cumulative net inflows stood at $61.10 billion, compared with FBTC’s $9.88 billion. BITB had accumulated $2.00 billion in net inflows. ARKB and HODL followed with $1.28 billion and $1.08 billion, respectively.
Ether ETFs Record Zero Daily Flows
Alongside Bitcoin ETF withdrawals, Ether ETFs registered zero net flows during the reported session. The flat reading contrasted with Bitcoin’s $57.63 million daily net outflow.
The absence of Ether ETF activity also came as Bitcoin traded around the lower $63,000 range. At the same time, on-chain profitability moved toward levels last recorded several years earlier.
That shift places greater attention on Bitcoin’s supply distribution rather than ETF flows alone. The latest supply data shows almost half of circulating Bitcoin sitting below its acquisition price.
Bitcoin Supply in Profit Falls to 51.4%
Notably, Bitcoin’s supply in profit has dropped to 51.4%, down sharply from readings near 100% around the previous market peak. Consequently, about 48.6% of circulating supply currently sits at an unrealized loss.
The metric compares each Bitcoin UTXO’s last movement price with the asset’s current market value. Bitcoin traded around $63,400 when the latest reading was recorded.
Notably, the last comparable 51% profitability reading appeared during Bitcoin’s early 2023 recovery. At that time, Bitcoin traded within the $16,000 to $20,000 range.
The current 51.4% level also marks the lowest overall supply profitability reading in more than three years. Short-term holders who entered at higher prices therefore carry larger unrealized losses.
Meanwhile, the metric has moved close to an even split between profitable and unprofitable circulating supply. Bitcoin price now trades alongside that profitability compression as ETF withdrawals return to the market.
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