As a seasoned researcher with a keen eye for market trends and a hearty appetite for data analysis, today’s findings have certainly piqued my interest. The surge in Bitcoin ETF inflows and the slowing of Ethereum ETF outflows is an intriguing dynamic that I find myself eager to delve deeper into.
In the U.S., there was an increase in investments into Bitcoin exchange-traded funds, whereas the outflow of investments from Ether exchange-traded funds has slowed down.
Based on figures provided by SoSoValue, Bitcoin ETFs occupying the 12th position experienced an influx of approximately $192.56 million on August 8. This marked a substantial increase of more than fourfold compared to the $45.14 million recorded the day before.
In a notable turn of events, BlackRock’s IBIT emerged as the frontrunner, garnering an impressive $157.6 million. This adds up to a staggering total of $20.3 billion in inflows for the fund since its launch. Interestingly, WisdomTree’s BTCW trailed closely behind with a significant inflow of $118.5 million – marking its highest intake since its initial introduction.
These funds were the only ones to record a second consecutive day of inflows.
More funds were added to Fidelity’s FBTC and ARK 21Shares’s ARKB, totaling approximately $65.2 million and $32.8 million respectively. In contrast, VanEck’s HODL fund saw the smallest inflows with around $3.4 million entering the fund.
The incoming funds successfully compensated for the $2.9 million exiting Grayscale’s GBTC, which has experienced a decrease of around $19.3 billion since its debut. Meanwhile, flows towards the other products stayed steady.
As a researcher, I’ve noticed an impressive surge in trading volume for these offerings, reaching an astounding $2.02 billion today, surpassing the $1.79 billion recorded yesterday. Furthermore, cumulative net inflows into spot Bitcoin Exchange-Traded Funds (ETFs) have accumulated to a staggering $17.43 billion.
On August 8th, Ethereum-focused ETFs experienced a total withdrawal of approximately $2.9 million. This was primarily driven by Grayscale’s offering, where $19.8 million was taken out from the ETHE fund. Additionally, Fidelity’s FETH saw its first day of withdrawals since it was launched, with an estimated $2.6 million being removed.
On that specific day, BlackRock’s ETHA, Grayscale’s Ether mini trust, and Bitwise’s ETHW were the only Ethereum ETFs to record inflows of approximately $11.7 million, $5 million, and $2.8 million respectively. The remaining Ethereum ETFs experienced no net investments.
Today saw another day of withdrawals from these investments, making it two days in a row. Notably, today’s withdrawal amount was less than the $23.7 million recorded yesterday.
Despite experiencing a surge in trading volume to $338.49 million, the nine Ether ETFs collectively show net outflows totaling $390.23 million so far.
Currently, Bitcoin (BTC) is being traded for approximately $60,914, and Ethereum (ETH) is valued at around $2,688 during this point in time.
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2024-08-09 10:48