The latest update on ETF flows shows a dramatic divergence between Bitcoin and Ethereum funds. On Wednesday, Bitcoin ETFs faced a hefty $105.19 million in outflows, a significant blow to their momentum. Meanwhile, Ethereum ETFs enjoyed a rare turnaround, snapping their nine-day losing streak with $5.84 million in inflows.
Diving into the details, Bitcoin ETFs took a severe hit with ARKB leading the charge with a staggering $59.27 million in outflows. Fidelity’s FBTC followed with a $10.37 million drop, and Vaneck’s HODL wasn’t far behind, losing $10.07 million. Grayscale’s Mini Bitcoin Trust saw $8.77 million flow out, and Bitwise’s BITB experienced a decline of $8.73 million. Even Grayscale’s GBTC couldn’t escape, facing a $7.98 million reduction.
Despite these large outflows, Bitcoin ETFs still hold a hefty $54.32 billion in BTC reserves, representing 4.64% of Bitcoin’s total market cap. However, with around $105 million reduced from their net inflows, this leaves the total cumulative net inflows across 12 funds at $17.85 billion. On Wednesday alone, $2.18 billion was settled, a figure that indicates the significant scale of activity and its impact on market sentiment.
In contrast, Ethereum ETFs are seeing a positive shift. Blackrock’s ETHA led the charge with $8.4 million in inflows on Wednesday, while Fidelity’s FETH contributed $1.26 million. However, Grayscale’s ETHE experienced $3.81 million in outflows, showing that not all Ethereum funds are bouncing back equally. Overall, despite the positive day, Ethereum ETFs have faced $475.48 million in net outflows since July 23. Currently, these funds hold $6.97 billion in Ethereum reserves, which is 2.28% of ETH’s market valuation.
For crypto traders, this shift in ETF flows is crucial. Bitcoin ETFs are struggling with outflows, reflecting possible bearish sentiment or profit-taking among investors. Conversely, Ethereum ETFs are making a comeback, indicating renewed interest or confidence in ETH despite recent losses. This dynamic presents opportunities and risks in the market. Keeping a close eye on these trends could help you navigate the evolving crypto landscape and make informed decisions.
