On the 8th of August, the ETF market saw huge movements with BTC and ETH exchange-traded funds displaying contrasting trends. Spot On Chain, a popular on-chain analytics firm, noted that Bitcoin ETFs witnessed a remarkable inflow of $195M while Ethereum ETFs went through a slight outflow of up to $3M. The analytics platform disclosed this development on its official social media account on X. It is interesting that Bitcoin and Ethereum have been recording opposite flows for some days. When Bitcoin gets inflows, Ethereum gets outflows and vice versa.
🚨 US #ETF 08 AUG: 🟢$195M to $BTC and 🔴$3M to $ETH🌟 BTC ETF UPDATE (final): +$195M• #WisdomTree (BTCW) saw an unexpectedly large inflow of $118.5M.• Grayscale (GBTC), however, saw a massive outflow at $183M. This is its largest outflow since April 9.🌟 ETH ETF UPDATE… pic.twitter.com/4VEa10jdHO
— Spot On Chain (@spotonchain) August 9, 2024
Bitcoin ETFs See $195M in Net Inflows, Contrasting with the $3M in Outflows of ETH ETFs
In its new X post, the platform revealed that substantial inflows of BTC ETFs have emerged as an unexpected event. BlackRock (IBIT) saw inflows of nearly $157M to lead the ETF sphere. Following that, WisdomTree (BTCW) added $118.5M in an unanticipated turn of events. Fidelity (FBTC) witnessed $65.2M in net inflows. However, ARK 21Shares (ARKB) and VanEck (HODL) recorded net inflows of $32.8M and $3.4M.
On the other hand, Invesco (BTCO), Grayscale Mini (BTC), Bitwise (BITB), Valkyrie (BRRR), and Franklin (EZBC) added $0. The only Bitcoin ETF that recorded a massive outflow was Grayscale (GBTC). It incurred an outflow of up to $182.9M. Among Ethereum ETFs, BlackRock (ETHA) made the inclusion of $11.7M with Grayscale Mini (ETHA) and Bitwise (ETHW) following it. These ETFs recorded $5M and $2.8M in net inflows.
Fidelity’s ETH ETF Records 1st Outflow While Grayscale’s BTC ETF Again Sees the Lowest Outflows
Nonetheless, Invesco (QETH), Franklin (EZET), VanEck (ETHV), and 21Shares (CETH) could not make any inflows. Contrarily, Fidelity (FETH) and Grayscale (ETHE) experienced outflows of $2.6M and $19.8M. Hence, Fidelity has reportedly seen the 1st ever outflow on August 8 while Grayscale has again recorded the lowest outflow.
The enormous outflow of nearly $183M from Grayscale’s Bitcoin Trust denotes the biggest such event since the 9th of April. As a result of this, it has raised apprehensions regarding investor sentiment. Even then, irrespective of this outflow, the overall positive outlook of the Bitcoin ETF sector stays bullish.
In the case of Ethereum, the initial outflow of Fidelity has added to the bearish sentiment. Though it is relatively a minor outflow, it may indicate a swing in the investors’ approach toward Ethereum. As per Spot On Chain, the contrasting flows of Ethereum and Bitcoin ETFs point toward the evolving crypto market dynamics.
