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| Bitcoin ETFs Surge with $194.6 Million Inflows While Ethereum ETFs Face $2.9 Million Outflows – A Detailed Analysis of Recent Crypto Fund Movements Image credit: Pixabay |
Bitcoin ETFs Experience a Three-Fold Inflow Surge
Spot Bitcoin Exchange Traded Funds (ETFs) in the United States experienced a massive surge in inflows, attracting $194.6 million in a single day. This significant increase marks a more than three-fold jump from the previous day’s $45 million inflows, showcasing growing investor interest in Bitcoin ETFs.
BlackRock's IBIT Leads the Charge
Leading the inflows was BlackRock’s IBIT, which attracted a substantial $157.6 million, followed by Wisdom Tree’s BTCW, which recorded $118.5 million in new investments. Other notable inflows included Fidelity’s FBTC with $65.2 million and Ark Invest and 21 Shares’ AKRB with $32.8 million. VanEck, while seeing the smallest inflow, still managed to pull in $3.4 million. However, Grayscale’s GBTC was the only Bitcoin ETF to experience outflows, losing $182.9 million.
Ethereum ETFs Face Modest Outflows
In contrast to Bitcoin, spot Ethereum ETFs saw outflows totaling $2.9 million. BlackRock’s ETHA led the inflows on the Ethereum side, adding $11.7 million, while Grayscale’s Mini Trust and Bitwise Ether Trust Fund brought in $5 million and $2.8 million, respectively. Despite these gains, the outflows from Grayscale’s ETHE ($19.8 million) and Fidelity’s FETH ($2.6 million) outweighed the inflows, resulting in a net loss for the day.
Trading Volume and Market Impact
Data from Soso Value revealed that the total trading volume for spot Bitcoin ETFs reached $2 billion, up from $1.79 billion the previous day. Bitcoin's price reacted positively to this surge, climbing 5.9% in the last 24 hours to $60,695, with a peak at $62,490. Despite this rally, Bitcoin remains 6.1% below its peak price from the last seven days and 17.8% below its all-time high.
Ethereum Price Movement Amid Outflows
Meanwhile, Ethereum showed resilience despite the outflows from its ETFs. The cryptocurrency’s price surged 7.3% in the last 24 hours, reaching $2,625 with a maximum of $2,709. However, it still sits 45.8% below its all-time high and 16.6% below its highest price in the last week, which was $3,145.
Key Takeaways
The recent spike in Bitcoin ETF inflows highlights the growing confidence and interest in Bitcoin as a robust investment option. On the other hand, Ethereum’s ETF outflows indicate a cautious approach from investors despite the overall positive price movement. As the cryptocurrency market continues to evolve, these trends in ETF inflows and outflows provide valuable insights into investor sentiment and the shifting dynamics of digital assets.
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