Bitcoin exchange-traded funds (ETFs) saw positive inflows for the first time in three days! While Ethereum ETFs saw net outflows. This dynamic reflects the contrasting movements of investors in the two major cryptos.
Bitcoin ETFs are bucking the trend! Ethereum in trouble
On August 7, Bitcoin ETFs saw net inflows of $45.1 million, reversing a three-day trend of outflows totaling $554.4 million. BlackRock’s iShares Bitcoin Trust (IBIT) led the way with $52.5 million. WisdomTree’s BTCW followed with $10.5 million, recording its largest net inflow to date. Grayscale’s Bitcoin Mini Trust added $9.7 million, while Bitwise’s BITB fund saw $3 million in net inflows. Conversely, Grayscale’s GBTC fund was the only Bitcoin ETF to see net outflows, with $30.6 million withdrawn.
As for Ethereum, ETFs saw net outflows of $23.68 million on the same day, after seeing inflows for two consecutive days. The withdrawals were mainly led by Grayscale’s ETHE fund, with $31.9 million withdrawn. Since its launch, the ETHE fund has accumulated net outflows totaling $2.23 billion. Other funds, such as Fidelity’s FETH, saw net inflows of $4.7 million. Bitwise’s ETHW and Franklin Templeton’s EZET funds attracted $1.7 million and $1.8 million in net inflows, respectively.
The crypto market is slowly recovering from the crisis!
These fund movements coincide with a broader rally in the crypto market, which continues to recover from the August 5th drop. This, fueled by concerns about a potential recession in the United States, the policies of the Federal Reserve and the instability of Japanese markets. Currently, Bitcoin is up 1% in the last 24 hours, trading at $57,379. While Ethereum has fallen 42.9% over the same period, currently trading at $2,426.
Bitcoin ETFs are showing signs of recovery with positive inflows, while Ethereum ETFs continue to face net outflows. These trends reflect investors’ divergent sentiments towards these two major digital assets amid heightened volatility, which has seen Bitcoin fall by 16%!
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