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Reported by The Block: On Tuesday, spot bitcoin ETFs in the U.S. experienced $148.5 million in net outflows.
Spot Ethereum ETFs reported $98.3 million in total daily inflows, led by BlackRock’s ETHA.
Spot bitcoin exchange-traded funds in the U.S. continued negative flows on Tuesday, recording $148.5 million in net outflows.
According to data from SoSoValue, Fidelity’s FBTC led outflows among 12 bitcoin funds yesterday with $64.48 million. Grayscale’s converted GBTC fund reported $32.18 million in outflows, and Ark Invest and 21Shares’ ARKB logged $28.88 million in net outflows. Franklin Templeton’s Bitcoin fund also lost $23 million on Tuesday.
BlackRock’s IBIT, the largest spot bitcoin ETF in terms of net asset value, reported zero flows yesterday, along with seven others.
On Tuesday, $2.2 billion worth of funds were traded in spot bitcoin ETFs. Since launching in January, the 12 funds have accumulated a total net inflow of $17.19 billion.
Spot ether ETFs continue inflows
Meanwhile, spot Ethereum ETFs experienced net inflows on Tuesday, reporting a total daily positive flow of $98.3 million.
The largest inflows came from BlackRock’s ETHA, which logged $109.89 million. Fidelity’s FETH recorded $22.49 million, Grayscale’s mini trust saw $4.7 million, and Franklin Templeton’s ether fund saw under $1 million in inflows.
“We need to put things in perspective to understand the differences [between BTC ETFs and ETH ETFs],” Augustine Fan, Head of Insights at SOFA.org, told The Block. First, the ETH ETF has seen very muted cumulative inflows since launch, whereas BTC has seen a lot of positive inflows over the past month.”
“ETH has already seen heavy selling across perpetual / spot / ETFs, so it would make sense that we are seeing a small rebound as risk sentiment recovers slightly,” Fan commented.
A total of $330.13 million worth of ether funds were traded yesterday, while the funds have amassed $363 million net outflows since the July 23 listing.
Both bitcoin and ether are recovering more from Monday’s global market downturn. Bitcoin rose 2.61% to $57,060, while ether grew 1.25% to $2,522 in the past 24 hours, according to The Block’s price page.
“The overall direction of crypto will move along with how high beta stocks (tech) and risk appetite are in the near term, which we expect to be muted,” SOFA.org’s Fan said.
“To break back in a positive direction, we would need more confidence that the US is not heading into a recession, a strong performance from Powell at Jackson Hole, and, lastly, a more sustained risk sentiment recovery into September/October, and perhaps with Trump's election odds hopefully seeing a rebound as well.”
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