Ethereum ETFs Thrive with 110M Inflows as Bitcoin ETFs Experience Outflows

The crypto market saw contrasting trends concerning Bticoin and Ethereum exchange-traded funds on August 7. Lookonchain, a popular on-chain analytics firm, disclosed that the noteworthy inflows of ETH ETFs have contrasted with the huge outflows of BTC ETFs, highlighting a change in the sentiment of crypto investors. The analytics platform disclosed the latest update concerning the ETFs on its official social media account.

9 #Ethereum ETFs inflows 44,447 $ETH($110.1M), 2 consecutive days of net inflows!

Aug 7 Update:

10 #Bitcoin ETFs
NetFlow: -1,899 $BTC(-$109.14)🔴#Fidelity outflows 1,137 $BTC($65.33M) and currently holds 175,858 $BTC($10.11B).

9 #Ethereum ETFs
NetFlow: +44,447… pic.twitter.com/foD2PvmxJy

— Lookonchain (@lookonchain) August 7, 2024

Bitcoin and Ethereum ETFs Contract in Terms of Flows on August 7

In a new X post, the analytics provider revealed that the ETH ETFs cumulatively witnessed inflows of nearly 44,447 ETH. This huge figure equals up to $110.1 million in value. These inflows on the 7^th of August denote the consecutive second day in terms of positive flows. In addition to this, the respective development also points toward increasing confidence among the ETH investors within the crypto sector.

BlackRock’s iShares ETF Adds 43,935 ETH, Leading the Ethereum ETF Sector

As per Lookonchain, iShares of BlackRock emerged as the top-performing exchange-traded fund among the ETH ETFs. It reportedly included an enormous amount of 43,935 ETH with a value of nearly $108.83M. At present, iShares possesses a `significant 281,818 ETH, equaling up to $698M in value. On the other hand, the BTC ETFs went through massive net outflows.

10 Bitcoin exchange-traded funds collectively saw 1,899 BTC in outflows with a value of almost $109.14M. A prominent Bitcoin ETF Fidelity reported 1,137 BTC (up to $65.33M) in outflows. Irrespective of the outflows, the current holdings of Fidelity include 175,858 BTC, equaling $10.11B.