As a seasoned researcher with years of experience in the crypto market, I must admit that the recent trends in Bitcoin and Ethereum ETFs have been intriguing to say the least. The meteoric rise and fall of Bitcoin ETF inflows this month has been a rollercoaster ride, reminiscent of BTC‘s own price swings. On one hand, it’s fascinating to witness the resilience of investors, who quickly bounced back after initial losses, pouring over half a billion into these financial vehicles in just five days.
Recently, there’s been a remarkable run for Bitcoin Exchange Traded Funds (ETFs), as over $500 million was invested into the largest U.S.-based ones during the last trading week alone.
However, Ethereum ETFs are in the opposite corner, with minor trading volumes and withdrawals.
Bitcoin ETFs on a Roll
Bitcoin ETFs faced a challenging beginning to August, shedding over $550 million in mere three consecutive days on August 2nd, 5th, and 6th. This period saw a significant downturn for BTC as the digital asset plummeted from above $65,000 to below $50,000 within a short span of time.
On the other hand, the inflows and the crypto’s value both began to rebound in the subsequent weeks. Interestingly, there have only been two instances since then where money was withdrawn by investors from U.S.-based spot ETFs – on August 9th and 14th.
Over the past week, financial vehicles saw some remarkable inflows: They brought in $62.1 million on Monday, followed by $88 million on Tuesday, $39.5 million on Wednesday, $64.8 million on Thursday, and a whopping $252 million on Friday. In just five trading days, a total of $506.4 million flowed into these ETFs.
Typically, BlackRock’s IBIT led the way on many days, raking in approximately $92.7 million on Monday and $86.8 million on Friday. Conversely, Grayscale’s GBTC has been experiencing continuous outflows, with around $12.8 million leaving on Tuesday, $9.8 million on Wednesday, $28.4 million on Thursday, and $35.6 million on Friday.
As reported by FarSide, the Bitcoin ETF managed by BlackRock currently exceeds $20.7 billion, whereas the comparable ETF from Grayscale falls just short by approximately $1 billion.
Ethereum ETFs in the Red
For three weeks now, Ethereum ETFs have been available in the U.S., but their performance differs significantly from Bitcoin ETFs. Interestingly, ETH-based products have been under a seven-day withdrawal trend, despite the relatively low numbers. This situation simply shows that demand and interest for these specific products is not particularly high.
13 out of the 14 active trading days, Grayscale’s ETHE has experienced withdrawals. Across all Ethereum ETFs, they have shown losses for 10 out of the 14 trading days.
Over the past week, there were withdrawals of $13.5 million on Monday, followed by $6.5 million on Tuesday, $18 million on Wednesday, $0.8 million on Thursday, and $5.7 million on Friday. Notably, BlackRock’s ETHA fund, which recently broke the $1 billion mark as the first newly launched fund to do so, experienced inflows totaling $26.8 million only on Monday. On the other hand, Fidelity’s FETH saw strong net flows of $14.3 million on Thursday.
The data from above only confirms a previous statement that the spot Ethereum ETFs are not like the Bitcoin ETFs, at least for now.
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2024-08-25 16:00