As a seasoned crypto investor with over a decade of experience navigating the digital asset landscape, I can confidently say that the recent trends in Bitcoin and Ethereum ETF inflows are intriguing. The surge in Bitcoin inflows, particularly at Fidelity and BlackRock, signals a growing institutional interest in BTC as a viable investment option. This trend is further accentuated by the cumulative spot BTC ETF inflows surpassing the $17.3 billion mark.
For the second day in a row, Fidelity took the lead with an investment of $61.3 million into its Bitcoin ETF, known as the Fidelity Bitcoin Fund. In comparison, BlackRock’s IBIT saw inflows of $20.4 million following a day of no activity.
On August 16th, data from SoSoValue reveals that U.S.-based Bitcoin (BTC) spot ETFs experienced an inflow of approximately $36.01 million. This represents a substantial 223% jump compared to the previous day’s net inflows of $11.11 million.
Significant investments were also made, with $13.4 million going to ARK 21Shares’s ARKB, $12 million flowing into Bitwise’s BITB, and a more moderate $1.7 million being invested in Franklin Templeton’s EZBC.
The profits served as a counterbalance to the $72.9 million drain from Grayscale’s GBTC, a fund that has seen a grand total of $19.64 billion withdrawn since it first started.
The Grayscale Bitcoin Mini Trust ETF has managed to avoid any outgoing funds, keeping its overall inflow of $288 million consistent since its debut. Interestingly, this steadiness in the mini trust stands in sharp contrast to the challenges experienced by Grayscale’s primary product.
As a crypto investor, I found that on August 16, the four remaining Bitcoin ETFs maintained their neutral stance as we all eagerly waited for a potential market correction. Interestingly, the cumulative inflows of spot BTC ETF have surpassed the impressive milestone of $17.3 billion, reflecting the growing interest and trust in this digital currency.
According to CoinGecko’s data, the overall crypto market value dropped by about 0.3% in the last 24 hours, now sitting at approximately $2.17 trillion. Over the same period, the total trading volume decreased by roughly 24%, settling around $67.3 billion.
Bitcoin rose by 2% over the past 24 hours, trading at $59,228 at the time of writing.
Ethereum ETFs record $15m in outflows
Instead, let me rephrase that for a more conversational tone: On August 16th, there was a total withdrawal of $15 million from the nine Ethereum-based ETFs. This marks the second straight day that these funds experienced outflows.
In simple terms, the largest outflow was observed from Grayscale’s ETHE, with a continuous withdrawal of approximately $27.7 million. This has led to a total outflow of around $2.41 billion since it began. Similarly, VanEck experienced a withdrawal of about $4.8 million from its offering.
In the same period, Fidelity’s FETH and BlackRock’s ETHA attracted investments worth about $10.3 million and $7.2 million each. The other five Ethereum-based ETFs didn’t receive any inflows that day.
The trading volume for Ethereum ETFs decreased to approximately $185 million today, which is considerably less compared to the preceding day. To date, these investment funds have collectively seen an outflow of about $420.11 million.
Ethereum (ETH) had risen by 0.9% over the past 24 hours, trading at $2,604 at the time of writing.
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2024-08-17 16:54