Coinspeaker
Bitcoin ETFs See $45M Inflows as Ethereum Funds See $24M Outflows
A glimmer of hope emerges for US spot Bitcoin exchange-traded funds (ETFs) as they reverse recent outflows. After shedding a substantial $554 million over the past three days, these investment vehicles experienced a modest resurgence on Wednesday, August 7, 2024, attracting a net inflow of $45.14 million, according to SoSo Value data.
Photo: SoSoValue
BlackRock‘s IBIT ETF spearheaded this turnaround with inflows totaling $52.52 million, a promising indicator of renewed investor confidence. WisdomTree‘s BTCW ETF also achieved a milestone, securing its highest single-day inflow to date at $10.5 million.
Furthermore, Grayscale’s Bitcoin Mini Trust and Bitwise’s BITB ETF contributed to the positive trend with inflows of $9.71 million and $3 million, respectively.
Grayscale’s GBTC Remains an Outlier
However, not all bitcoin ETFs shared the positive trend. Grayscale’s converted GBTC fund continued to experience net outflows, losing $30.58 million on Wednesday. Interestingly, seven other funds, including Fidelity’s FBTC and VanEck’s HODL, reported zero flows for the day.
The total trading volume for spot bitcoin ETFs on Wednesday amounted to $1.79 billion, down from $2.2 billion on Tuesday. Despite the recent dip, these funds have accumulated a significant net inflow of $17.23 billion since their launch in January 2024.
While spot bitcoin ETFs showed signs of recovery, their Ether counterparts encountered net outflows. These funds lost a combined $23.68 million on Wednesday. Grayscale’s ETHE led the outflow with $31.86 million, highlighting investor hesitancy towards ether at the moment.
Fidelity’s FETH bucked the trend, attracting $4.7 million in net inflows. Additionally, spot ether funds offered by Bitwise and Franklin Templeton also reported positive inflows. The total daily trading volume for spot ether ETFs reached $322.85 million on Wednesday. However, these funds have faced net outflows totaling $387.35 million since their listing on July 23rd, 2024.
Bitcoin and Ether Prices Experience Dips
The broader crypto market also faced a slight downturn. Bitcoin price dropped 0.71% in the past 24 hours, reaching $57,152 as of August 8, 2024. Ether fared worse, experiencing a steeper decline of 4.25%, currently trading at $2,428.
While Wednesday’s inflows offer a glimmer of hope for spot bitcoin ETFs, it remains to be seen if this trend will continue. Continued fluctuations in the price of bitcoin and overall market sentiment will likely influence investor decisions in the coming days.
Bitcoin ETFs See $45M Inflows as Ethereum Funds See $24M Outflows
