US spot bitcoin ETFs saw an aggregate inflow of $202.6 million on Monday, August 26, according to preliminary data from Farside Investors.
This marks the second-largest day of inflows of the month and the eighth consecutive day in the green for investment products.
Additionally, 12 of the last 14 trading days have seen positive flows into spot bitcoin ETFs despite the underlying asset failing to rally.
bitcoin ETFs remain popular
The BlackRock iShares bitcoin Trust (IBIT) topped the list with its largest daily inflow since July 22, at $224 million. The Franklin bitcoin ETF (EZBC) and the WisdomTree bitcoin Fund (BTCW) were the other two funds that saw net inflows of $5.5 million and $5.1 million, respectively.
Fidelity, Bitwise, and VanEck ETFs saw a combined net outflow of $32 million. Meanwhile, Grayscale’s two ETFs, GBTC and btc, saw zero net flows on the day.
<blockquote class="twitter-tweet” data-width=”500″ data-dnt=”true”>
bitcoin ETF Flow (USD Million) – 08/26/2024
TOTAL NET FLOW: 202.6
IR: 224.1
FBTC: -8.3
BITB: -16.6
ARKB: 0
BTCO: 0
EZBC Score: 5.5
BRRR: 0
HODL: -7.2
btc Score: 5.1
GBTC: 0
btc: 0
For full details and disclaimers, please visit:https://t.co/Wg6Qpn0Pqw
— Farside Investors (@FarsideUK) twitter.com/FarsideUK/status/1828278073994670437?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>August 27, 2024
The inflows came amid a 6.5% rally in btc as prices hit $65,150 over the weekend and on Monday before beginning to pull back today.
Institutional inflows into global crypto products have also been positive. Asset manager CoinShares reported that digital asset investment products saw weekly inflows worth $533 million last week.
The moves were catalyzed by a dovish turn from the U.S. central bank, with Federal Reserve Chairman Jerome Powell all but confirming that the first interest rate cut since March 2020 will likely happen in September.
ethereum ETF exodus continues
However, the same optimism cannot be seen in US ethereum spot ETFs, which saw their eighth consecutive day of outflows on Monday.
Around $13.2 million left ethereum ETFs, with the majority of that leaving Grayscale’s ETHE fund. Fidelity and Franklin also saw minor outflows, while the rest saw zero flows on the day.
Grayscale has dumped $2.5 billion in assets under management from its ETHE fund, but this was to be expected and the outflows are unlikely to stop just yet.
The continued exodus comes despite eth prices recovering to their highest levels since the August 5 crash, which occurred over the weekend at $2,800. However, the asset has since pulled back again, falling 1.8% on the day to $2,685 at the time of writing.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 on Binance (full details).
2024 LIMITED OFFER on BYDFi Exchange: Welcome reward up to $2,888, use this link to register and open a 100 USDT-M position for free!
<!– ai CONTENT END 1 –>
<script async src="//platform.twitter.com/widgets.js” charset=”utf-8″>
