On Tuesday, U.S. spot Bitcoin exchange-traded funds (ETFs) continued their downward trend, recording a net outflow of $148.5 million.
According to SoSoValue data, Fidelity’s FBTC led outflows among 12 Bitcoin funds yesterday, with $64.48 million. Grayscale’s Convertible GBTC fund reported outflows of $32.18 million, while Ark Invest and 21Shares’ ARKB had net outflows of $28.88 million. Franklin Templeton’s Bitcoin fund also lost $23 million on Tuesday.
BlackRock’s IBIT, the largest spot Bitcoin ETF by net asset value, reported zero flows yesterday along with seven other ETFs.
On Tuesday, $2.2 billion worth of funds traded in spot Bitcoin ETFs. Since launching in January, the 12 funds have amassed a combined net inflow of $17.19 billion.
Spot Ether ETF inflows continue
Meanwhile, spot Ethereum ETFs experienced net inflows on Tuesday, reporting a total daily net inflow of $98.3 million.
The largest inflow came from BlackRock’s ETHA, which took in $198.9 million. Fidelity’s FETH took in $22.49 million, Grayscale’s mini-trust took in $4.7 million, and Franklin Templeton’s ether fund took in less than $1 million.
“We need to look at things properly to understand the differences (between a BTC ETF and an ETH ETF),” Augustine Fan, head of insights at SOFA.org, told The Block. “First, the ETH ETF has seen very low cumulative inflows since its launch, whereas BTC has seen significant inflows in the past month.”
“ETH has already seen massive sell-offs in perpetuity/spot/ETFs, so it’s natural to see a slight rebound as risk sentiment picks up a bit,” Fan said.
Yesterday, a total of $330.13 million worth of Ethereum funds were traded, and the fund has seen net outflows of $363 million since its listing on July 23.
Both Bitcoin and Ether are recovering more from Monday’s global market slump. Bitcoin is up 2.61% to $57,060, while Ether is up 1.25% to $2,522 over the past 24 hours. Price page of the block.
“The overall direction of cryptocurrencies will be driven by how beta stocks (technical) and risk appetite are in the short term, and we expect this to be restrained,” said Fan of SOFA.org.
“To turn positive, we need more confidence that the US is not headed for a recession, a strong performance from Powell at Jackson Hole, and finally a more sustained recovery in risk sentiment through September/October, and perhaps a rebound in the likelihood of a Trump presidency.”
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