3 months ago
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U.S. spot Bitcoin exchange-traded funds (ETFs) recorded an $81.36 million outflow on Wednesday, breaking a two-day streak of positive inflows. Of all spot Bitcoin ETFs, only two funds managed to secure relatively modest positive inflows on the day.
BlackRock’s IBIT saw $2.68 million in net inflows, further proving itself as an undisputed leader and the largest spot Bitcoin ETF by net assets, according to data from SosoValue. Franklin’s EZBC also saw a return to positive territory with $3.42 million in inflows. Notably, this marks the fund’s first gain since July 22.
In contrast, the largest outflows were observed in Grayscale’s GBTC after the fund saw a whopping $56.87 million exit. Fidelity’s FBTC followed with $18.05 million in outflows. Additional notable losses were reported by Ark and 21Shares’ ARKB and Bitwise’s BITB with $6.77 million and $5.78 million, respectively. The remaining six spot Bitcoin ETFs, however, registered no movement in flows.
It might be interesting to note that despite the overall negative trend in these funds, the total daily trading volume across all spot Bitcoin ETFs reached $1.3 billion on Wednesday. Although not much of a difference, it was still a notable increase from $1.18 billion recorded the previous day. This means that despite there being significant outflows, trading activities have not subsided but rather on the rise.
Ethereum ETFs Continue Positive Momentum
Meanwhile, on the other end of the spectrum, the spot Ethereum ETFs have continued to see positive inflows. The funds saw an impressive $10.77 million added on Wednesday, marking the third consecutive day of net inflows for them. If nothing else, this suggests that investors remain keenly interested in Ethereum.
However, Grayscale’s Ethereum Trust (ETHE) was an odd one out after it registered $16.95 million in outflows. This meant that ETHE was the only Ethereum ETF to experience negative flow on Wednesday. The Grayscale Ethereum Mini Trust (ETH), the second-largest spot ether ETF by net assets, saw moderate inflows of $2.26 million after two days of zero flow.
Among the Ethereum ETFs, BlackRock’s ETHA led with $16.13 million in inflows, while Fidelity’s FETH followed with $6.65 million. Bitwise’s ETHW secured a modest $2.67 million. In a sharp contrast to the activity seen with Bitcoin ETFs on the day, the total trading volume for Ethereum ETFs dropped from $190.76 million on Tuesday to $155.91 million.
As of the latest Coinspeaker data, Bitcoin (BTC) traded at $58,105, down 4.64% in the past 24 hours, while Ether (ETH) slipped 1.74% to $2,662.
Overall, the contrasting flows from spot Bitcoin ETFs and Ethereum ETFs appear to be a reflection of a period of market adjustment and shifting investor priorities.
