Bitcoin and Ethereum ETFs Experience Initial Combined Inflows Since Introduction of Ether ETF

Spot Bitcoin and Ethereum exchange-traded funds in the United States received simultaneous positive inflows for the first time on August 1 following the introduction of nine spot Ether ETFs on July 23.

Bitcoin ETFs witnessed a net inflow of approximately $50.6 million on August 1, as per data from Farside Investors. Grayscale’s recently launched Grayscale Bitcoin Mini Trust led the inflows with a substantial $191.1 million. Blackrock’s IBIT followed with a more modest $25.9 million inflow, maintaining three consecutive months without outflows. Conversely, Grayscale’s GBTC experienced the most significant net outflows at $71.3 million. Fidelity’s FBTC saw $48.4 million in net outflows, while Ark and 21Shares’ ARKB, Bitwise BITB, and VanEck’s HODL recorded outflows of $22.4 million, $20.7 million, and $3.6 million, respectively. The remaining Bitcoin ETFs remained neutral.

The total daily trading volume for these spot Bitcoin ETFs on August 1 was $2.91 billion, significantly higher than the $1.37 billion recorded on July 30 and July 31.

Ethereum ETFs also experienced positive inflows of $26.7 million on August 1, despite Grayscale’s Ethereum Trust (ETHE) seeing cumulative outflows exceeding $2 billion. BlackRock’s iShares Ethereum Trust led the way with an inflow of $89.6 million, while Grayscale’s Ethereum Trust witnessed outflows of $78 million on the same day, bringing total outflows from the fund to over $2 billion since its conversion to a spot fund.

Before its conversion, ETHE held $9 billion in Ethereum, with recent outflows indicating that 22% of the initial fund had been sold. Fidelity’s FETH and Bitwise’s ETHW logged inflows of $11.7 million and $3.4 million, respectively, on August 1, while the remaining Ethereum ETFs had no flows that day.

The total daily trading volume for spot Ethereum ETFs on August 1 was $331.11 million, lower than the $472.5 million recorded on July 31 and $563.22 million on July 30.

Senior analyst Mads Eberhardt from Steno Research predicted in a July 29 post that the substantial outflows from Grayscale’s ETHE would likely diminish during the week, a trend that seems to have already begun. At the time of writing, Bitcoin’s price had decreased by around 0.2% to $64,200, while Ethereum had also seen a slight decline of about 0.7%, trading at approximately $3,147.