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On Wednesday, July 24, the crypto market saw a significant shift in investment flows between Bitcoin and Ethereum ETFs. Spot Bitcoin ETF flows were positive, with $44.5 million recorded. However, Ether ETFs lost a whopping $133.3 million as the hype faded. Moreover, Grayscale’s ETHE ETF saw massive outflows, which offset Fidelity and Bitwise’s ETH ETF influx.
The Bitcoin ETF inflows were driven by BlackRock’s impressive $66 million of inflows. Meanwhile, Fidelity’s FBTC took in a modest inflow of $1.4 million. Whilst, Ark 21Shares’ ARKB registered $3.3 million influx. On the flip side, Grayscale Bitcoin Trust (GBTC) faced $26.2 million of outflows.
In contrast, Ethereum ETFs experienced substantial outflows. Despite positive flows from Fidelity’s FETH and Bitwise’s ETHW, the total ETF outflows for the day reached $133.3 million. According to Farside UK data, the Fidelity Ethereum ETF recorded a staggering $74.6 million inflow. In addition, Bitwise’s Ether ETF saw $29.6 million in inflows, down from $204 million on debut.
Meanwhile, the net outflows include significant outflows from the Grayscale Ethereum Trust (ETHE). It saw a massive $326.9 million withdrawn due to its high 2.50% fee. The ETH market faced additional pressures as BlackRock’s Ethereum ETF (ETHA) inflows plummeted from a strong debut of $266.5 million to just $17.4 million on its second day.
Furthermore, this drop highlights a shift in investor sentiment and possibly concerns about the fees and management of these funds. Despite this, Grayscale’s Mini-Ethereum Trust raked in $45.9 million, benefiting from its low 0.15% fee. Overall, the total assets under management (AUM) of Spot Ethereum ETFs dropped significantly from $10.255 billion to $9.538 billion. This indicates a waning investor confidence in Ethereum-based ETFs.
Earlier, on Tuesday, July 23, Bitcoin ETFs noted a $78 million outflow, potentially due to ETH ETF hype. However, now the tables have turned as BTC ETFs marked a resurgence. Thus, the market awaits the future performance of Ether ETFs to take a decisive action.
The post Bitcoin ETF Inflows Surge As Ether ETF Loses $133M In Hype Shift appeared first on CoinGape.
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