Topic: [2024-08-24] Bitcoin ETFs Soar With $252M Influx, ... (Read 3 times)

Bitcoin ETFs Soar With $252M Influx, Ether ETFs Experience Another Day of Losses

At the end of the day on Friday, U.S. spot bitcoin exchange-traded funds (ETFs) reported a substantial $252 million in net gains. In contrast, ether ETFs continued their downward trend, losing another $5.7 million.

Bitcoin ETFs Shine with $252M Inflows; Ether Funds Dip by $5.7M

Spot bitcoin ETFs achieved their highest inflow since late July, with the 12 funds collectively pulling in $252 million on Friday. Leading the charge, Blackrock’s IBIT added $86.83 million to its coffers, bringing its total net inflows since Jan. 11, 2024, to an impressive $20.71 billion. Fidelity’s FBTC followed, gathering $64 million, while Grayscale’s Mini Bitcoin Trust absorbed $50.83 million.

Bitwise’s BITB recorded $42.26 million in inflows, and Ark Invest’s and 21shares’ ARKB fund pulled in $23.81 million. Vaneck’s HODL added $14.38 million, and the Inveso and Galaxy-backed BTCO captured $3.18 million. Valkyrie’s BRRR rounded out the day with a $2.25 million gain. Meanwhile, Grayscale’s Bitcoin Trust (GBTC) faced a challenging day, shedding $35.55 million.

EZBC, BTCW, and DEFI all remained neutral, with neither inflows nor outflows recorded. Friday’s $252 million influx pushed cumulative net inflows since Jan. 11 to a total of $17.88 billion, with approximately $3.12 billion in trade volume registered yesterday. Currently, the 12 bitcoin ETFs hold $58.43 billion in bitcoin reserves, representing 4.65% of bitcoin’s total market capitalization.

Ether ETFs, however, faced another challenging day, with a $5.7 million outflow. Friday saw about $215.70 million in ether ETF trade volume. The $5.7 million loss adds to the cumulative net outflows, now totaling around $464.65 million since July 23. Vaneck’s ETHV fund led the day’s inflows, bringing in $2.01 million, followed by Bitwise’s ETHW with $1.38 million in gains.

Fidelity’s FETH fund saw a more modest addition of $685,980 during Friday’s session. Grayscale’s Mini Ether Trust, along with ETHA, EZET, QETH, and CETH, recorded no gains or losses. On the downside, Grayscale’s ETHE experienced a $9.77 million outflow. The nine ether ETFs now collectively hold $7.65 billion in ether reserves, accounting for 2.31% of ether’s total market value.

Source: https://news.bitcoin.com/bitcoin-etfs-soar-with-252m-influx-ether-etfs-experience-another-day-of-losses/