Crypto ETF: Bitcoin Rakes in $124.1M, Ethereum Tumbles

The crypto ETF market is experiencing contrasting dynamics. While Bitcoin ETFs are massively attracting investors, exchange-traded funds linked to Ethereum are struggling to convince. This divergence raises questions about market exposure and investment strategies in the cryptocurrency sector.

Bitcoin ETF Flow (US$ million) – 2024-07-29

TOTAL NET FLOW: 124.1
(Provisional data)

IBIT: 205.6
FBTC: -5.9
BITB: -21.3
ARKB: 0
BTCO: 0
EZBC: 0
BRRR: 0
HODL: 0
BTCW: 0
GBTC: -54.3
BTC:

For all the data & disclaimers visit:https://t.co/4ISlrCgZdk

— Farside Investors (@FarsideUK) July 30, 2024

Bitcoin ETFs Riding the Wave of Enthusiasm

In recent days, Bitcoin ETFs have particularly benefited from the drop in BTC price to $66,000. The latest data from Farside indeed reveals an impressive inflow of $124.1 million to Bitcoin ETFs on July 29.

BlackRock’s IBIT stands out with a capital inflow of $205.6 million in a single day. This remarkable performance brings IBIT’s total net inflows to $19.9 billion, thus confirming BlackRock’s leading position in the market.

Other exchange-traded funds, on the other hand, recorded significant capital outflows:

• BITB from Bitwise: $21.3 million
• FBTC from Fidelity: $5.9 million

Ethereum Struggles to Convince: These Exchange-Traded Funds are Undergoing Massive Outflows

In contrast, Ethereum ETFs are facing headwinds and are in free fall. Farside reports a substantial outflow of $98.3 million on the same day. This is mainly due to Grayscale’s ETHE, which saw $210 million evaporate. This trend leads to a total outflow of $1.7 billion from ETHE, revealing a certain mistrust among investors.

However, some issuers manage to pull through. Such is the case with BlackRock’s ETHA ETF, which recorded an inflow of $58.2 million.

The data reveals an important point: the crypto ETF market is currently undergoing an intense maturation phase. The evolution of these trends will undoubtedly shape the landscape of crypto investment in the coming months.