Bitcoin ETFs See Inflows Strengthening as Ethereum Outflows Resume
Spot Bitcoin and Ethereum exchange-traded funds in the United States faced a challenging week with prevailing bearish market sentiment. Farside Investors data revealed that spot Bitcoin (BTC) ETFs saw a net inflow of approximately $300,000 on July 31. Notably, BlackRock’s iShares Bitcoin Trust (IBIT) experienced $21 million in inflows, marking its third consecutive month without any outflows.
In a significant move on July 31, Grayscale launched its spot Bitcoin Mini Trust, with the BTC ticker, on NYSE Arca. The newly introduced ETF garnered $18 million in inflows on its debut day. However, the inflows into these two ETFs were offset by outflows from Fidelity’s FBTC, Bitwise’s BITB, and Ark 21Shares’ ARKB, totaling $38.7 million. Other investment products remained neutral.
Data from Farside Investors indicated that spot Ethereum (ETH) ETFs witnessed $77.2 million in net outflows on July 31. The outflows primarily stemmed from Grayscale’s ETHE fund, amounting to $133.3 million. Since its launch on July 23, the ETHE fund has seen net outflows of $1.97 billion.
On the flip side, Grayscale’s Mini ETH fund attracted $19.5 million in inflows, with Fidelity’s FETH following closely with $18.8 million. BlackRock’s ETHA fund only saw $5 million in inflows. Additionally, VanEck’s ETHV, Bitwise’s ETHW, and Ark 21Shares’ CETH ETFs recorded $4.8 million, $4.7 million, and $3.3 million in inflows, respectively. Invesco’s QETH and Franklin Templeton’s EZET remained neutral.
The bearish sentiment surrounding spot BTC and ETH ETFs aligns with the broader downturn in the cryptocurrency market. CoinGecko data revealed a 3.1% decrease in global crypto market capitalization over the last 24 hours, currently standing at $2.41 trillion.
Bitcoin experienced a 3.2% decline in the past day, trading at $64,275 at the time of reporting. Similarly, Ethereum saw a 4.6% drop over the same period, with its price at $3,170.
The challenging week for spot Bitcoin and Ethereum ETFs mirrors the broader market trend, highlighting the impact of bearish sentiment on digital asset investments.
