The crypto market has witnessed a renewal in ETF interest concerning Ethereum and Bitcoin. Spot On Chain, a popular on-chain analytics platform reported that the BTC and ETH exchange-traded funds have witnessed substantial inflows on the 13th of August, denoting the 2nd consecutive day with positive development. The analytics provider took to its official X account to provide the details of these inflows.
US #ETF 13 AUG: $39M to $BTC and $24M to $ETH BTC ETF UPDATE (final): +$39M• The net flow has been positive for 2 consecutive days.• BlackRock (IBIT) had the largest inflow yesterday at $34.6M while Grayscale (GBTC) saw the largest outflow at $28.6M. ETH ETF… pic.twitter.com/mxWpwruRxo
— Spot On Chain (@spotonchain) August 14, 2024
Bitcoin and Ethereum ETFs See Consecutive Inflows on 2nd Day
In its exclusive X post, Spot On Chain noted that Bitcoin ETFs added $39M while Ethereum ETFs gained $24 million. This development marks continued confidence among investors concerning ETFs. Particularly, the ETF market of Bitcoin included up to $39M in net inflow on August 13. This followed an analogous positive trend in comparison with the previous day.
iShares Bitcoin Trust (IBIT) stood dominant in the ETF sector with an inflow of $34.5M worth. This huge figure shows resilient demand among investors on the institutional level. The continued supremacy of BlackRock in the BTC ETF sphere indicates increasing confidence. Specifically, the large-scale investors are potentially deeming Bitcoin as a vehicle for long-term investment.
Nonetheless, the market additionally experienced some outflows. Grayscale’s Bitcoin Trust recorded the biggest outflow on August 13 at $28.6M. Irrespective of this development, the overall flow displayed a positive outlook. This points toward the sustenance of the upward momentum in the ETF market. The consecutive positive flows for 2 days signify a likely bullish outlook in the case of Bitcoin ETFs.
The Overall Positive ETF Flows Indicate a Shift in Investor Sentiment
The investors are reportedly preparing for further gains in the ETF market. Moreover, Ethereum ETFs additionally added enormous funds. These ETFs witnessed $24M in net inflow on the 13th of this month. This development continued the trend started on the previous day. Thus, it denotes the 2nd day in terms of consecutive positive flows in the case of ETH ETFs. Grayscale’s Ethereum Trust incurred a massive outflow of $31M worth.
The renewed outflows of Grayscale raise concerns about the investor sentiment concerning Ethereum. Contrarily, iShares Ethereum Trust of BlackRock saw $49.1M in net inflows, after a day with $0 net flow. According to Spot On Chain, the investor sentiment about Ethereum and Bitcoin ETFs remains resilient even amid the sideways movements of ETFs like Grayscale.
