- Bitcoin ETFs saw $45.1M inflows, led by BlackRock’s IBIT ETF, reversing recent trends.
- Ethereum ETFs experienced $23.7M outflows, with Grayscale’s ETHE leading the decline.
- Despite gains, Grayscale’s GBTC struggled, and Ethereum ETFs have faced $387.7M in net outflows.
On August 7, 2024, the cryptocurrency market experienced contrary shifts in Bitcoin and Ethereum exchange-traded funds (ETFs). Bitcoin ETFs witnessed a substantial inflow while Ethereum ETFs saw large outflows.
Bitcoin ETFs Regain Investor Confidence
Bitcoin ETFs saw an inflow of approximately $45.1 million marking reversal in recent trends. BlackRock’s IBIT ETF played a crucial role by attracting $52.5 million in new investments. Other notable contributors included WisdomTree’s BTCW which gained $10.5 million while Grayscale’s Bitcoin Mini Trust added $9.7 million.
Despite these gains, Grayscale’s GBTC continued to struggle by reporting outflows of $30.6 million. The total net inflow for Bitcoin ETFs now stands at $17.2 billion since their inception.
Ethereum ETFs Face Outflows
In contrast to Bitcoin, Ethereum ETFs saw outflows totaling $23.7 million on the same day. Grayscale’s ETHE led with outflows reaching $31.9 million. However, not all Ethereum ETFs faced losses as Fidelity’s FETH managed to secure $4.7 million in inflows which bucked the overall trend. Since their launch, Ethereum ETFs have recorded net outflows amounting to $387.7 million
These movements in ETFs have sparked interest and discussions among investors and industry analysts. Significant inflows into Bitcoin ETFs, particularly driven by BlackRock’s IBIT, may signal a potential shift in investment trends.
While Bitcoin ETFs show signs of recovery, Ethereum ETFs continue to face challenges. The contrasting performance between these two major cryptocurrencies highlights the ongoing market uncertainty as investors navigate a volatile market.
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