As a seasoned crypto investor with years of experience in this volatile market, I have learned to keep a close eye on the investment flows between Bitcoin and Ethereum ETFs. On Wednesday, July 24, the crypto market presented an interesting dynamic, with significant shifts in investment flows between these two major cryptocurrencies.
On July 24, 2023, there was a notable change in the way funds were invested between Bitcoin and Ethereum Exchange-Traded Funds (ETFs) in the crypto market. Specifically, investors put $44.5 million into Bitcoin ETFs that day. Conversely, Ethereum ETFs experienced substantial losses, with a total of $133.3 million being withdrawn. Furthermore, Grayscale’s ETHE ETF recorded significant outflows, which counterbalanced the inflows for Fidelity and Bitwise’s Ethereum ETFs.
Bitcoin ETF Vs Ethereum ETF Flows
The flows into Bitcoin ETFs were significantly influenced by BlackRock’s large inflow of $66 million. In comparison, Fidelity’s FBTC had a more modest intake of $1.4 million. Ark 21Shares’ ARKB experienced an influx of approximately $3.3 million. Conversely, Grayscale Bitcoin Trust (GBTC) recorded notable outflows totaling $26.2 million.
As an analyst, I’ve observed a noticeable contrast in the behavior of Bitcoin and Ethereum Exchange-Traded Funds (ETFs) recently. While Bitcoin ETFs continued to attract investors with substantial inflows, Ethereum ETFs experienced significant outflows. Specifically, there were outflows totaling $133.3 million from Ethereum ETFs on that day.
Simultaneously, the Grayscale Ethereum Trust (ETHE) experienced substantial outflows totaling $326.9 million, largely due to its high management fee of 2.50%. Additionally, the Ethereum market was further strained as BlackRock’s Ethereum ETF (ETHA) saw a steep decline in inflows from an impressive debut of $266.5 million to only $17.4 million on its second day.
As someone who has closely followed the cryptocurrency market for several years now, I can’t help but notice a recent shift in investor sentiment towards Ethereum-based Exchange Traded Funds (ETFs). This change is evident from the significant drop in total assets under management (AUM) of these funds. The figure went from a robust $10.255 billion to just $9.538 billion, which is a worrying sign for those invested in Ethereum ETFs.
On Tuesday, July 23rd, I observed a significant outflow of approximately $78 million from Bitcoin Exchange-Traded Funds (ETFs). This could be attributed to the growing excitement surrounding Ethereum ETFs. However, the situation has since shifted as Bitcoin ETFs have rebounded. Now, the focus is on the future performance of Ether ETFs to guide our next move in this market.
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2024-07-25 08:57