Bitcoin and Ethereum ETFs Navigate Divergent Routes During Market Downturn
The cryptocurrency market in the United States kicked off the week with varying trends for spot Bitcoin and Ethereum exchange-traded funds (ETFs) amidst market corrections.
According to data from Farside Investors, spot Bitcoin ETFs saw $124.1 million in net inflows by the end of Monday’s trading day. Notably, BlackRock’s iShares Bitcoin Trust (IBIT) received $205.6 million in inflows, while the Grayscale Bitcoin Trust (GBTC) experienced outflows of $54.3 million. Additionally, the Bitwise Bitcoin ETF (BITB) and Fidelity Wise Origin Bitcoin Fund (FBTC) faced outflows of $21.3 million and $5.9 million, respectively, leaving other spot BTC ETFs neutral.
Conversely, spot Ethereum ETFs recorded $98.3 million in net outflows on the same day. The Grayscale Ethereum Trust (ETHE) witnessed significant outflows of $210 million, totaling $1.72 billion in net outflows since its inception. In contrast, BlackRock’s ETHA received $58.2 million in inflows, surpassing $500 million in total inflows. Fidelity’s FETH, VanEck’s ETHV, and Bitwise’s ETHW also saw double-digit inflows, while Grayscale’s Ethereum Mini Trust (ETH) and Franklin Templeton’s EZET received $4.9 million and $2.5 million in inflows, respectively.
The distinct performance of spot BTC and ETH ETFs coincided with a 3.3% decrease in the global cryptocurrency market capitalization over the previous 24 hours, as reported by CoinGecko. Bitcoin experienced a 4% decline, trading at $66,600, while Ethereum underwent a 1.3% correction, with its current value around $3,340.
The contrasting movements in Bitcoin and Ethereum ETFs underscore the dynamic nature of the cryptocurrency market, influenced by factors such as investor sentiment, market volatility, and regulatory developments. As digital assets continue to gain mainstream acceptance, the performance of ETFs tracking major cryptocurrencies serves as a barometer for investor interest and market trends.
The fluctuating flows in spot Bitcoin and Ethereum ETFs reflect the evolving landscape of digital asset investments, highlighting the importance of monitoring market dynamics and staying attuned to emerging trends in the crypto space.
