As a seasoned researcher with a keen eye for trends in the cryptocurrency market, I find myself constantly intrigued by the shifting tides of investor sentiment and behavior. This week’s data on the inflows into spot Bitcoin and Ethereum ETFs has once again highlighted the captivating dynamics at play.
In the United States, Bitcoin-focused exchange-traded funds started the week with a significantly higher rate of investment compared to Ethereum ETFs, with inflows over five times larger for Bitcoin ETFs.
Based on information from SoSoValue, there was an inflow of $27.87 million into Bitcoin ETFs at the 12th spot on August 12, marking a reversal from the $45.14 million outflows experienced on August 9.
Notably, ARK 21Shares’s ARKB fund topped the list with an inflow of $35.4 million, raising its total inflows since inception to a significant $2.45 billion. BlackRock’s IBIT was the only one to report inflows for the second day in a row, with a total of $13.4 million in inflows.
Grayscale’s Bitcoin mini trust fund raked in the least inflows, with $79 million flowing in.
On that particular day, the incoming funds successfully balanced out the $11.8 million exiting from Grayscale’s GBTC, a fund that has lost approximately $19.46 billion since its inception. No inflows or outflows were observed for the other ETFs on that same day.
For these transactions, the trading volume significantly increased to approximately $1.3 billion – though this figure is less than the $1.27 billion recorded on August 12. The total net investments in Bitcoin spot ETFs currently stand at a staggering $17.37 billion.
On the other hand, the Ethereum ETFs with a focus on the nine-point structure experienced more moderate net inflows amounting to approximately $4.93 million, bringing an end to a streak of three consecutive days of net outflows.
Inflows of approximately $4 million were spearheaded by Fidelity’s FETH product, while Bitwise’s ETHW and Franklin Templeton’s EZET followed closely behind with inflows of around $2.9 million and $1 million each.
As an analyst, I’m observing a shift in the market today, specifically regarding VanEck’s ETHV. For the first time since its launch, we’re seeing an outflow of approximately $2.9 million from this particular offering. However, it’s important to note that the other investment offerings under review have seen no significant inflows or outflows, remaining stable for now.
On the other hand, the nine Ethereum-based ETFs experienced a significant increase in trading activity, amounting to $285.96 million. To this point, these investment vehicles have collectively faced net withdrawals totaling $401.01 million.
Currently, as I’m typing this, one Bitcoin (BTC) is being traded for approximately $59,105, and Ethereum (ETH) is valued at around $2,641.
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2024-08-13 12:06