Bitcoin and Ethereum ETFs see positive inflows first time together

On August 1, 2024, U.S. spot Bitcoin and Ethereum exchange-traded funds (ETFs) experienced joint positive inflows for the first time since the launch of nine spot Ether ETFs on July 23. This marked a significant event in the cryptocurrency ETF market.

• Bitcoin ETFs: The 11 spot Bitcoin ETFs saw a total inflow of $50.6 million. Grayscale’s newly launched Bitcoin Mini Trust led with $191.1 million in inflows, while BlackRock’s IBIT had $25.9 million in inflows. In contrast, Grayscale’s GBTC faced net outflows of $71.3 million, followed by Fidelity’s FBTC with $48.4 million in outflows.

• Ethereum ETFs: The nine spot Ethereum ETFs reported net inflows of $26.7 million, despite Grayscale’s Ethereum Trust (ETHE) experiencing significant outflows. BlackRock’s iShares Ethereum Trust led with $89.6 million in inflows, while ETHE saw $78 million in outflows, totaling over $2 billion since its conversion to a spot ETF.

• Trading Volumes: The total daily trading volume for spot Bitcoin ETFs was $2.91 billion on August 1, significantly higher than the previous days. Ethereum ETFs recorded a total daily trading volume of $331.11 million on the same day.

This influx of investments into spot Bitcoin and Ethereum ETFs reflects growing interest in these digital assets, despite some funds facing outflows. As the market adjusts, analysts like Mads Eberhardt suggest that the outflows from ETHE may soon stabilize, potentially leading to a more positive trend in the future. At the time of reporting, Bitcoin and Ethereum experienced slight declines, trading at around $64,461 and $3,151, respectively.