Ethereum ETFs See $98.4m Inflows as Bitcoin ETFs Lose $148.6m
Spot Ethereum exchange-traded funds in the U.S. saw positive inflows this week, contrasting with spot Bitcoin ETFs which experienced outflows for the second consecutive day.
Information from Farside Investors highlighted that nine spot Ethereum ETFs received net inflows of $98.4 million on Tuesday, Aug. 6, surpassing the previous day’s inflows. The majority of these inflows, totaling $109.9 million, were directed towards BlackRock’s ETHA fund, propelling its total inflows beyond $850 million. Fidelity’s FETH fund also experienced significant inflows of $22.5 million.
Grayscale’s mini ETH ETFs and Franklin Templeton’s EZET registered inflows of $4.7 million and $1 million, respectively, according to Farside Investors.
On the other hand, Grayscale’s ETHE fund continued to witness outflows, with $39.7 million withdrawn on Tuesday. Since their U.S. launch on July 23, ETHE ETFs have experienced outflows amounting to $2.2 billion. No flows were reported for the remaining spot ETH ETFs.
SoSoValue’s data revealed that the total daily trading volume for these spot Ethereum ETFs was $319.8 million on Tuesday, Aug. 6, a decrease from the previous days.
Meanwhile, 11 spot Bitcoin ETFs saw net outflows of $148.6 million on Tuesday, Aug. 6, continuing the outflow trend observed earlier in the week.
The Fidelity Wise Origin Bitcoin Fund ETFs experienced the highest outflows, totaling $64.5 million. Other notable outflows included $32.2 million from the Grayscale Bitcoin Trust, $28.9 million from the ARK 21Shares Bitcoin ETF, and $23 million from Franklin Bitcoin. The remaining spot BTC ETFs remained neutral amidst market uncertainties.
According to SoSoValue’s data, the total daily trading volume for these Bitcoin ETFs was $2.20 billion on Tuesday, Aug. 6, significantly lower than previous days.
The total value of Bitcoin spot ETFs currently stands at $51.5 billion. Recent data indicates that digital asset investment products saw outflows of $528 million last week, marking the first decline after four consecutive weeks of growth.
This downturn is linked to fears of a potential U.S. recession, geopolitical tensions, and mass liquidations of various asset types. The Bank of Japan’s decision to increase interest rates for the first time in 17 years has also contributed to market concerns.
Additionally, rising tensions in the Middle East have added to market uncertainty. The possibility of further conflict has prompted precautionary measures by affected countries.
Recent data from CoinGecko showed a slight rebound in the global crypto market capitalization, rising by 2% to $2.02 trillion over the past 24 hours.
Bitcoin has recovered from the $55,000 zone and is currently trading at $57,115, pushing its market cap above $1.1 trillion with a daily trading volume of $46 billion. Ethereum, the leading altcoin, also rose by 1.2% in the last 24 hours, trading at $2,518.
