Bitcoin ETFs See $105 Million Outflow as Ethereum Token Gains $3 Million Inflows
Bitcoin’s recent price movements have had notable repercussions, particularly on Spot Bitcoin ETFs, which have experienced substantial outflows. On August 28, these ETFs saw a total outflow of $105 million as institutional investors pulled their investments from these funds. In contrast, the Ethereum Token ETFSwap (ETFS) has been thriving, attracting over $3 million in inflows during its ongoing presale.
Data from SoSo Value indicates that Spot Bitcoin ETFs encountered $105 million in outflows on August 28. Among them, Ark Invest’s Bitcoin ETF faced the most significant outflow, losing $59.27 million. Fidelity and VanEck’s Bitcoin ETFs followed with outflows of $10.37 million and $10.07 million, respectively.
Grayscale’s Bitcoin Trust (GBTC) and Mini Bitcoin Trust experienced outflows of $8.77 million and $7.98 million, respectively. Additionally, Bitwise’s Spot Bitcoin ETF witnessed $8.73 million flowing out of its fund. However, the remaining Spot Bitcoin ETFs maintained a neutral position with zero net flows.
The trend of outflows persisted on August 29, with Spot Bitcoin ETFs seeing another $71.73 million exiting the funds, as reported by SoSo Value. BlackRock’s Spot Bitcoin ETF was notably affected this time, with $13.51 million leaving the fund. Despite these outflows, the Spot Bitcoin ETFs have amassed a total net inflow of over $17 billion since their inception.
Conversely, over $3 million has flowed into ETFSwap’s ongoing presale, as investors seek to acquire ETFS tokens before the launch of the ETFSwap beta platform. Analysts anticipate significant gains for the Ethereum token during this bullish market cycle, driven by its utility in the decentralized finance (DeFi) sector.
ETFSwap’s decentralized nature facilitates permissionless ETF trading, enabling investors to access traditional markets without intermediaries. By leveraging the Ethereum token, investors can engage in traditional asset investment globally, unrestricted by conventional financial systems.
The accessibility and convenience of the ETFSwap platform are expected to drive demand for ETFS tokens, particularly as investors seek exposure to assets like the Spot Bitcoin ETFs. This heightened demand is projected to increase trading volume for the Ethereum token, potentially leading to substantial price appreciation.
Moreover, the 24/7 market coverage offered by the trading platform, coupled with its cost-effectiveness compared to centralized platforms, is likely to attract investors seeking efficient investment avenues. Holders of the ETFS token stand to benefit from reduced costs, passive income opportunities, and monthly airdrops from the ETFS reward pool.
The ETFSwap team’s certification by SolidProof and their commitment to the token’s long-term success further bolster confidence in ETFS. Analysts predict a significant price surge of up to 20,000% for ETFSwap (ETFS) once Bitcoin’s price rebounds, presenting an attractive investment opportunity for early backers at the current price of $0.01831.
