Spot Bitcoin ETFs have only been down twice in the past 13 trading days. However, the situation with Ethereum ETFs is quite different.
Recently, Bitcoin ETFs have been performing very well, with over $500 million invested in the largest US-based Bitcoin ETFs just last week.
On the other hand, Ethereum ETFs are struggling. They are seeing very low trading volumes and investors are pulling their money out.
Bitcoin ETFs on a Roll
At the beginning of August, Bitcoin ETFs (Exchange-Traded Funds) had a tough time. They lost over $550 million in just three days—August 2, 5, and 6. This happened because Bitcoin’s price dropped sharply, falling from more than $65,000 to below $50,000 in a few days.
But things started to get better in the weeks that followed. Both the price of Bitcoin and the amount of money going into these ETFs began to recover. In fact, there were only two days when investors took money out of the US-based spot ETFs—August 9 and 14.
Last week was particularly strong for these ETFs. They attracted a total of $62.1 million on Monday, $88 million on Tuesday, $39.5 million on Wednesday, $64.8 million on Thursday, and an impressive $252 million on Friday. In just five trading days, $506.4 million flowed into these ETFs.
BlackRock’s Bitcoin ETF, known as IBIT, was the biggest winner on most days. It gained $92.7 million on Monday and $86.8 million on Friday. On the other hand, Grayscale’s ETF, GBTC, had a different experience. It saw money leaving, with $12.8 million going out on Tuesday, $9.8 million on Wednesday, $28.4 million on Thursday, and $35.6 million on Friday.
According to FarSide, BlackRock’s Bitcoin ETF now holds more than $20.7 billion, while Grayscale’s ETF is behind by almost $1 billion.
Ethereum ETFs in the Red
It has been three weeks since the new spot Ethereum ETFs were introduced in the United States, but their performance has been quite different from Bitcoin ETFs. In fact, Ethereum ETFs have seen more withdrawals than deposits, indicating a lack of interest in these products.
Grayscale’s ETHE, for example, has had withdrawals on 13 out of the 14 days since it began trading. Overall, all Ethereum ETFs have lost value on 10 out of the 14 trading days.
Last week, there were withdrawals totaling $13.5 million on Monday, $6.5 million on Tuesday, $18 million on Wednesday, $0.8 million on Thursday, and $5.7 million on Friday. BlackRock’s ETHA, which was the first new fund to reach over $1 billion, had inflows of $26.8 million only on Monday. Fidelity’s FETH had a positive day on Thursday with $14.3 million in inflows.
This data shows that, at least for now, Ethereum ETFs are not as popular or successful as Bitcoin ETFs.
