Institutional investors are continuing to invest heavily in Bitcoin exchange-traded funds (ETFs) in the United States, but the same isn’t true for Ethereum products.
On Monday, August 26, spot Bitcoin ETFs in the US received a total of $202.6 million, according to early data from Farside Investors. This was the second-largest amount of money invested in these ETFs for the month and the eighth day in a row that these funds have seen positive inflows.
In fact, 12 out of the last 14 trading days have shown positive investment in spot Bitcoin ETFs, even though the price of Bitcoin itself hasn’t increased.
Bitcoin ETFs Still Popular
The BlackRock iShares Bitcoin Trust (IBIT) saw its biggest daily inflow since July 22, with $224 million coming in. The Franklin Bitcoin ETF (EZBC) and the WisdomTree Bitcoin Fund (BTCW) also had net inflows, with $5.5 million and $5.1 million, respectively.
In contrast, ETFs from Fidelity, Bitwise, and VanEck experienced a total net outflow of $32 million. Grayscale’s two ETFs, GBTC and BTC, had no net inflows or outflows for the day.
Bitcoin ETF Flow (US$ million) – 2024-03-12
— Farside Investors (@FarsideUK) March 13, 2024
TOTAL NET FLOW: 1045
(Provisional data)
IBIT: 849
FBTC: 51.6
BITB: 24.6
ARKB: 93
BTCO: -19.7
EZBC: 0
BRRR: 39.6
HODL: 82.9
BTCW: 3
GBTC: -79
For all the data & disclaimers visit:https://t.co/4ISlrCgZdk
Recently, Bitcoin (BTC) prices jumped by 6.5%, reaching $65,150 over the weekend and Monday before they started to go down again.
During this time, there was also a rise in investments in global crypto products. According to CoinShares, a company that manages assets, digital asset investment products saw $533 million in new investments last week.
This increase in investments happened because the US central bank, led by Federal Reserve Chair Jerome Powell, suggested that the first interest rate cut since March 2020 could happen in September.
Ethereum ETF Exodus Continues
Despite the recent rise in Ethereum prices, US spot Ethereum ETFs have faced their eighth straight day of outflows on Monday.
About $13.2 million left Ethereum ETFs, mainly from Grayscale’s ETHE fund. Fidelity and Franklin also had small outflows, while the other funds had no changes.
Grayscale’s ETHE fund has lost $2.5 billion in assets, but this was expected. The outflows may continue for a while.
This trend continues even though the price of Ethereum has recently gone up to $2,800, its highest since the August 5 crash. However, the price dropped again by 1.8% to $2,685 at the time of writing.
