Bitcoin ETFs See Strong Weekly Inflows as Ethereum ETFs Face Outflows

The global ETF market saw notable fluctuations last week as Bitcoin exchange-traded funds (ETFs) registered a net inflow of $32.58 million, showing a renewed interest among investors. Fidelity’s FBTC ETF led with an inflow of $82.11 million, while BlackRock’s IBIT ETF followed closely with $71.07 million. On the other hand, Grayscale’s GBTC ETF experienced a significant outflow of $195 million, according to SoSoValue data.

This comes after Bitcoin investment funds faced two weeks of substantial outflows, losing $169 million and $80 million, respectively. The inflows contributed to a marginal increase in Bitcoin’s price, which had seen a decline of 9% over the past 30 days and 11% in the last 60 days.

Furthermore, the ongoing outflows from Grayscale’s GBTC fund are closing the asset management gap between Grayscale and BlackRock, with Grayscale currently managing $18.7 billion and BlackRock’s iShares Bitcoin Trust (IBIT) managing $17.2 billion.

Ethereum-linked ETFs faced a different scenario, with a net outflow of $14.16 million over the past week. This comes after a prior week of significant inflows totaling $104 million despite prevailing selling pressure. Among the leading ETFs, BlackRock’s ETHA ETF saw a net inflow of $76.35 million, while Fidelity’s FETH ETF reported an inflow of $25.79 million. In contrast, Grayscale’s ETHE ETF recorded a substantial outflow of $118 million.

Overall, Grayscale’s Ethereum products have experienced cumulative outflows amounting to $2.41 billion. Despite these outflows, Ethereum’s price rose by approximately 4% over the past seven days. However, the price remains down by 23% and 26% over the last 30 and 60 days, respectively.

BlackRock has emerged as a leading player in the Bitcoin and Ethereum ETF markets, now managing $22 billion in assets compared to Grayscale’s $20.7 billion. The shift accelerated following BlackRock’s launch of Ethereum ETFs on July 23, which saw significant inflows. Grayscale’s continuous outflows are steadily narrowing the gap between the two major ETF providers.

At the time of reporting, Bitcoin was trading at approximately $58,061, experiencing a decline of 3.39% in the last 24 hours while Ethereum is trading at $2,573, down by 2.70%, in the last 24 hours, according to CoinMarketCap.

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Lawrence does not hold any crypto asset. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.