Topic: [2024-08-07] US Bitcoin ETFs Bleed $148.56M While Ethereum ETFs Cash In (Read 73 times)

US Bitcoin ETFs Bleed $148.56M While Ethereum ETFs Cash In

Based on the latest data, spot bitcoin exchange-traded funds (ETFs) experienced net outflows of $148.56 million on Tuesday. Conversely, spot ether ETFs saw a positive inflow of $98.30 million during the same period.

$148M Vanishes From Bitcoin ETFs While Ethereum ETFs Rake in $98M

On Aug. 6, as the crypto market began to recover from the substantial decline on Aug. 5, bitcoin ETFs experienced a notable amount of outflows while ether ETFs recorded gains. The 12 spot bitcoin ETFs saw $148.56 million exit the funds, with Fidelity’s FBTC leading the losses by shedding $64.48 million on Tuesday. Grayscale’s Bitcoin Trust (GBTC) followed closely, losing $32.18 million, bringing its total divestment since Jan. 11, 2024, to $19.16 billion.

After FBTC and GBTC, Ark Invest’s and 21shares’ ARKB experienced a reduction of $28.18 million. Franklin Templeton’s EZBC also faced losses, divesting $23.01 million. Meanwhile, eight of the spot bitcoin ETFs had a neutral day, with no inflows or outflows recorded. The losses on Tuesday reduced the BTC ETFs’ cumulative net inflows to $17.19 billion since Jan. 11. Collectively, the 12 funds now hold $51.47 billion in assets, representing 4.61% of bitcoin’s market cap.

Ethereum ETFs outperformed the spot bitcoin funds on Tuesday, with the nine ether ETFs collectively attracting $98.30 million. Blackrock’s ETHA led the gains, bringing in $109.89 million, while Fidelity’s FETH saw an increase of $22.49 million. Grayscale’s Mini Ethereum Trust (ETH) added $4.7 million, and Franklin Templeton’s EZET achieved a more modest gain of $950,330 during the trading sessions, according to sosovalue.xyz metrics.

Grayscale’s ETHE was the sole fund to experience outflows, with $39.73 million in net outflows on Tuesday. Despite the inflows, the cumulative net inflow only saw a slight increase and remains in the negative for the nine funds, currently down by $363.68 million. During yesterday’s trading session, $330.13 million was settled, and the funds now hold approximately $7.06 billion in ETH reserves, accounting for 2.36% of ether’s total market cap.

Source: https://news.bitcoin.com/us-bitcoin-etfs-bleed-148-56m-while-ethereum-etfs-cash-in/