[Analysis] "Bitcoin and Ethereum spot ETFs see outflows amid inflation concerns... Trump tariff pressure"

The US core Personal Consumption Expenditures (PCE) price index for July matched market expectations but reached its highest level since February, prompting outflows from Bitcoin (BTC) and Ethereum (ETH) spot ETFs. The market interprets this as a result of President Trump's tariff policies increasing import costs and intensifying inflationary pressure.

On the 30th, according to crypto-focused media Cointelegraph, the Ethereum spot ETF recorded net outflows of 164,640,000 dollars the previous day. This reversed a net inflow trend that had absorbed more than 1.5 billion dollars over the past five trading days. The Bitcoin spot ETF also saw 126,640,000 dollars flow out, marking its first negative since the 22nd.

By issuer, Fidelity's Bitcoin ETF FBTC saw the largest outflow with 66,200,000 dollars leaving. ARKB, co-managed by ARK Invest and 21Shares, had net outflows of 72,070,000 dollars, and Grayscale's GBTC saw 15,300,000 dollars exit. Meanwhile, BlackRock's IBIT recorded net inflows of 24,630,000 dollars, and WisdomTree's BTCW had net inflows of 2,300,000 dollars.

These outflows coincided with the announcement that the US July core PCE price index rose 2.9% year-on-year. US financial outlet CNBC said, "It is interpreted as a result of the Trump administration's 10% base tariffs and retaliatory additional tariffs stimulating import prices," adding, "Core inflationary pressure has become distinct, with service prices rising 3.6%."

However, the market still prices in a high likelihood of a rate cut next month. In particular, forecasts suggest expectations for monetary easing could grow if labor market indicators show further weakness.

Meanwhile, the Ethereum spot ETF has steadily absorbed funds since its launch in July 2024, with net inflows increasing by 44% over August. Listed companies' holdings of Ethereum are also expanding. Currently, the amount held by Nasdaq-listed companies is 4,400,000 ETH (about 19,000,000,000 dollars), accounting for 3.7% of the total supply.

Fabian Dori, Signum Chief Investment Officer (CIO), said, "Ethereum, which had lagged behind Bitcoin, has recently shown a clear recovery in adoption pace and value perception," adding, "This shows institutional demand is strengthening again."