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bitcoin and ethereum spot exchange-traded funds in the United States have posted poor performance this week as bears dominate market sentiment.
According data According to Farside Investors, bitcoin (btc) spot ETFs saw a net inflow of roughly $300,000 yesterday, July 31. BlackRock’s iShares bitcoin Trust (IBIT) saw $21 million in inflows, continuing its third consecutive month with no outflows.
On July 31, Grayscale also launched its bitcoin Mini Trust, ticker btc, on NYSE Arca. The newborn ETF saw $18 million in inflows on its debut day. However, inflows into these two ETFs were offset by outflows from Fidelity’s FBTC, Bitwise’s BITB, and Ark 21Shares’ ARKB, worth a total of $38.7 million. The remaining investment products remained neutral.
Data from Farside Investors shows that ethereum (eth) spot ETFs saw net outflows of $77.2 million on July 31. Unsurprisingly, the outflows came from Grayscale’s ETHE fund, worth $133.3 million. So far, the ETHE fund has seen net outflows of $1.97 billion since its launch on July 23.
On the other hand, Grayscale’s Mini eth fund saw $19.5 million in inflows yesterday. Fidelity’s FETH followed with $18.8 million in inflows, while BlackRock’s ETHA fund saw just $5 million in inflows. VanEck’s ETHV, Bitwise’s ETHW, and Ark 21Shares’ CETH ETFs also saw $4.8 million, $4.7 million, and $3.3 million in inflows, respectively. Invesco’s QETH and Franklin Templeton’s EZET remained neutral.
The bearish sentiment around btc and eth spot ETFs comes at a time when the broader cryptocurrency market is in a downturn. According to data According to CoinGecko, the global crypto market cap fell by 3.1% over the past 24 hours and currently stands at $2.41 trillion.
bitcoin has fallen 3.2% over the past 24 hours and is trading at $64,275 at the time of writing. ethereum has plunged 4.6% over the past day and is currently trading at $3,170.
