Cryptocurrency Markets: AUG 10 Spot ETP Flows: Combined Net Redemptions of $154mn Yesterday on Back of Strong Previous Week’s Net Sales (-$1,087mn)

Research evidence excerpt

J P M O R G A N

North America Equity Research

11 August 2026

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the

territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

Cryptocurrency Markets

Aug 10 Spot ETP Flows: Combined Net Redemptions of

$154mn Yesterday on Back of Strong Previous Week’s

Net Sales (~$1,087mn)

We estimate U.S. spot Bitcoin ETP and U.S. spot ether ETP preliminary net

redemptions of $145mn and $18mn, respectively, on Monday, August 10, 2026.

We estimate that the U.S. spot Solana ETPs reported net inflows of $9mn

yesterday.

Brokers, Asset Managers &

Exchanges

U.S. Spot Bitcoin ETP Flows

Madeline Daleiden

We estimate U.S. spot Bitcoin ETP preliminary net redemptions of $145mn on

Monday, August 10, 2026with multiple, mixed vehicles contributing.

BlackRock’s IBIT reported net outflows of $54mn, while Grayscale’s legacy

GBTC posted a similar $52mn in net redemptions yesterday. Fidelity’s FBTC and

Bitwise’s BITB also contributed sizable outflows, $40mn and $28mn yesterday,

respectively. Offsetting these net redemptions slightly were net inflows of $37mn

into Grayscale’s mini BTC. Altogether, aggregate notional trading volumes also

increased sequentially to $2,022mn, an improvement, but still less than the running

daily average of ~$3,228mn/day since the January 2024 launch.

Kenneth B. Worthington, CFA AC

(1-212) 622-6613

(1-212) 622-4911

Michael Cho

(1-212) 622-3619

J.P. Morgan Securities LLC

Table 1: JPMe August 10, 2026 BTC ETP Flows: Multiple Double-Digit Outflowing Vehicles

Yesterday Contributing to Group’s Daily Net Redemptions of $145mn

U.S. Bitcoin Spot ETFs

August 10 Daily

Flows (JPMe)

Total Flows

(JPMe)

August 10 AUM

Seed Capital

Current Fee Rate

Fee Rate exWaiver

BlackRock

Fidelity

Bitwise

ARK / 21Shares

Invesco / Galaxy

CoinShares

Franklin Resources

VanEck

WisdomTree

Grayscale

-$54

-$40

-$28

$0

-$7

$0

-$52

$61,579

$10,121

$1,929

$3,223

$154

$254

$219

$1,561

-$176

-$27,450

$47,731

$10,999

$2,343

$2,193

$335

$367

$362

$1,011

$142

$8,435

$10.0

$20.0

…