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US bitcoin (btc) spot ETFs experienced positive net inflows for the first time in three days, while their ethereum counterparts experienced net outflows.
bitcoin Spot ETFs See $45.1 Million Inflows
Data Farside Investors said the 11 spot bitcoin ETFs saw net inflows of $45.1 million on Aug. 7, reversing the previous three-day trend of outflows amounting to $554.4 million.
BlackRock’s IBIT led the inflows with $52.5 million. WisdomTree’s BTCW followed with $10.5 million, marking its largest net inflow to date. Grayscale’s bitcoin Mini Trust added $9.7 million and Bitwise’s BITB recorded $3 million in net inflows.
Grayscale’s converted GBTC fund was the only bitcoin ETF to experience net outflows on August 7, with $30.6 million withdrawn. Since launch, the fund has seen approximately $19.2 million in outflows. Other spot bitcoin ETFs remained neutral.
According to SoSoValue btc-spot” target=”_blank” rel=””>dataThe total daily trading volume of these bitcoin ETFs was $1.79 billion on Aug. 7, down from $2.2 billion recorded the previous day.
Since January, bitcoin spot ETFs have accumulated a total net inflow of $17.23 billion.
Ether ETFs see outflows
All 9 ethereum (eth) ETFs saw net outflows on Aug. 7, losing $23.68 million after two consecutive days of inflows.
Data According to data from Farside Investors, outflows were led by Grayscale’s ETHE fund, with $31.9 million leaving the fund. Since its launch, the ETHE fund has seen $2.23 billion in net outflows.
Among other offerings, Fidelity’s FETH saw net inflows of $4.7 million. Bitwise’s ETHW and Franklin Templeton’s EZET saw net inflows of $1.7 million and $1.8 million respectively. The rest of the funds saw no inflows.
Despite the inflows over the past 2 days, $387.7 million has left the funds since listing, offset by Grayscale's ETHE.
The inflows into the bitcoin spot ETF coincide with a broader recovery in the cryptocurrency market, which continues to recover from the bloodbath of August 5, driven by concerns about a possible US recession, Federal Reserve policies and instability in Japanese markets.
bitcoin (btc) is currently up 1% over the past 24 hours and is trading at $57,379. ethereum (eth) is down 42.9% over the same period and is currently priced at $2,426.
