Bitcoin exchange-traded funds (ETFs) witnessed a significant influx of capital, attracting $36 million in inflows as of August 16, 2024, marking a positive trend for the leading cryptocurrency. Meanwhile, Ethereum funds continued to struggle, shedding an additional $15 million, bringing their total net outflows to a concerning $420.11 million.
Despite the challenges faced by Ethereum funds, BlackRock’s ETHA fund managed to stand out, absorbing $10.33 million in inflows and boosting its total assets to an impressive $977.62 million. Fidelity’s FETH fund also reported gains, pulling in $7.21 million.
However, the sector was notably impacted by Grayscale’s ETHE fund, which experienced outflows of approximately $27.74 million, contributing to a staggering $2.41 billion in negative net flows since July 23. Vaneck’s ETHV fund also struggled, offloading $4.8 million. No movements were recorded for Grayscale’s Mini Ethereum Trust (ETHW), EZET, QETH, or CETH.
In contrast, Bitcoin ETFs displayed strong performance, with 12 BTC-related funds collectively bringing in $36.01 million. This has driven cumulative net inflows to approximately $17.37 billion since January 11, 2024. Fidelity’s FBTC led the charge, gathering $61.35 million, followed by BlackRock’s IBIT with $20.39 million in gains. Ark Invest’s and 21Shares’ ARKB added $13.42 million, and Bitwise’s BITB attracted $12.04 million. Franklin Templeton’s EZBC contributed an additional $1.73 million.
Despite the overall positive momentum for Bitcoin ETFs, Grayscale’s GBTC faced a setback, losing $72.9 million on the same day. To date, GBTC has divested a significant $19.65 billion. Other funds, including the Mini Bitcoin Trust (BTC), HODL, BRRR, BTCO, BTCW, and DEFI, remained neutral. On that day alone, roughly $1.44 billion in Bitcoin ETF volume was settled, with the 12 funds now holding a total of $54.35 billion in Bitcoin.
The contrasting trends between Bitcoin and Ethereum funds highlight broader market dynamics and shifting investor sentiment. While Bitcoin ETFs continue to attract substantial inflows, Ethereum funds are grappling with persistent outflows amid ongoing market volatility.
Analysts suggest that the resilience of Bitcoin ETFs may indicate growing confidence in the cryptocurrency market, despite the challenges faced by Ethereum funds.