As a seasoned crypto investor with a decade of experience under my belt, I must say that the recent inflows into Bitcoin and Ethereum ETFs in the United States are nothing short of encouraging. With BlackRock’s IBIT leading the charge for Bitcoin, it seems that institutional investors are finally warming up to the idea of digital assets.
As a researcher observing the U.S. financial market, I’ve noticed that Bitcoin and Ethereum Exchange-Traded Funds (ETFs) have maintained a two-day streak of attracting investments this week.
As an analyst, I observed a significant surge in investment in Bitcoin ETFs yesterday, as per data from SoSoValue. On August 13th, these 12 spot Bitcoin ETFs collectively attracted an inflow of approximately $38.94 million. This figure represents a nearly 40% rise compared to the previous day’s inflow of $27.87 million.
The BlackRock IBIT fund saw a significant increase of $34.6 million in investments, pushing its overall total since its debut to an impressive $20.36 billion. Remarkably, it’s the sole Bitcoin ETF that has experienced inflows on two consecutive business days.
Significant deposits were also made, such as $22.6 million into Fidelity’s FBTC and $16.5 million into Bitwise’s BITB. These additions helped offset a $28.6 million withdrawal from Grayscale’s GBTC, which has experienced total withdrawals of approximately $19.49 billion since its launch.
The remaining Bitcoin ETFs did not record any activity on that day.
Trading volumes for Bitcoin ETFs were slightly lower at $1.18 billion, down from $1.3 billion on Aug. 12. The cumulative net inflows into spot Bitcoin ETFs stood at $17.4 billion.
Conversely, there was a surge in demand for Ethereum ETFs with nine spots, as indicated by a substantial rise in investor interest. On August 13, net deposits amounted to $24.3 million, marking a substantial jump from the relatively small $5 million recorded the day before.
Based on figures from SoSoValue, it appears that BlackRock’s ETHA fund was the front-runner yet again, attracting $49.1 million in investments after a day without any inflows.
On their initial days, Fidelity’s Ethereum ETF (FETH) attracted investments worth $5.4 million, while Invesco Galaxy’s QETH saw inflows totaling $0.8 million. Notably, this marked the first time Invesco’s Ethereum ETF had received any investments since its debut.
GrayScale’s ETHE fund experienced a withdrawal of approximately $31 million, increasing its overall withdrawals to a total of $2.32 billion since its inception.
Although there were influxes, the trading value for Ethereum ETFs fell substantially to a total of $190.76 million. To this point, these investment funds have collectively witnessed outflows amounting to $376.67 million in total.
Currently, as I type this, Bitcoin (BTC) is being traded at approximately $60,786, and Ethereum (ETH) is valued at around $2,726.
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2024-08-14 11:40