Bitcoin ETF Inflows Surge As Ether ETF Loses $133M In Hype Shift

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.

Bitcoin ETF Vs Ethereum ETF Flows

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 It saw a massive $326.9 million withdrawn due to its high 2.50% fee.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.

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