The Bitcoin and Ethereum ETFs again showed contrasting flows on August 20. Spot On Chain, a prominent on-chain analytics company, has disclosed that the BTC ETFs recorded net inflows of up to $88 million with ETH ETFs seeing $6.5 million in outflows. The analytics provider took to its official X account to provide the details of the ETFs.
US #ETF 20 AUG: $88M to $BTC and $6.5M to $ETH BTC ETF UPDATE (final): +$88M• The net flow has been positive and increasing for 4 consecutive days.• #BlackRock (IBIT) continued to lead the inflow, followed by #21Shares, each with a $50M+ inflow.• #Grayscale… pic.twitter.com/VGXFsz7GEH
— Spot On Chain (@spotonchain) August 21, 2024
Bitcoin ETFs’ $88M Inclusion Denotes the Continuation of Inflows on the 4th Consecutive Day
In its recent X post, Spot On Chain mentioned that the inflow of nearly $88M denotes a continued positive trend. In this respect, this development also indicates a consecutively increasing momentum for the past 4 days. On the 19th of August, the net inflow of BTC ETFs stood at $62 million. Hence, Bitcoin ETFs are getting more and more attention among investors.
BlackRock’s IBIT reportedly dominated the market with $55.4M in net inflows. Nonetheless, this figure is significantly lower than $93M which it witnessed just a day ago. Subsequently, 21Shares added approximately $52M in net inflows. This marks a huge achievement as the ETF witnessed no flows on August 19. This signifies an elevation in investor confidence. The broader market sentiment is potentially turning favorable for Bitcoin. Contrarily, Grayscale’s Bitcoin Trust witnessed an outflow of 12.8M, compared with 0 flows on August 19.
ETH ETFs Continue to See Outflows with $6.5M Withdrawn on the Fourth Day
The Ethereum ETFs contrastively experienced negative flows of $6.5M on August 20. This negative trend has been persistent for the past 4 days. However, these withdrawals have decreased to a great extent. A day ago, the outflows of ETH ETFs stood at $14M. Thus, this development shows a gradual change in investor sentiment.
BlackRock saw the largest inflows among the ETH ETFs with the inclusion of $26.8M. On the other hand, the respective ETF recorded no flows on the 19th of August. The disparity between the flows of BTC and ETH ETFs could mirror the difference in investor confidence on both sides. The possible reason behind this is that Bitcoin is often considered a digital gold and safer bet, getting comparatively better sentiment.
