On the 16th of August, Bitcoin and Ethereum ETFs have shown maintained contrasting outlooks. Spot On Chain, a popular on-chain analytics firm, revealed that BTC ETFs witnessed $36 million in inflows however ETH ETFs incurred $15 million in outflows. The analytics company took to its X account to provide insights into the present status of Bitcoin and Ethereum ETFs.
16 AUG US #ETF: $36M to $BTC and $15M $ETH BTC ETF UPDATE (final): +$36M ⹠Fidelity leads the inflow today, while Grayscale sees a strong outflow.⹠The total flow for the week is +$33M (only one negative day). ETH ETF UPDATE (final): -$15M ⹠Today's flow⊠pic.twitter.com/cDF0gPTLBP
â Spot On Chain (@spotonchain) August 17, 2024
Ethereum Outflows Reach $15M as Bitcoin Adds $36M in Total Inflows
In its exclusive X post, Spot On Chain mentioned that these inflows and outflows showcase the current investor sentiment. The updated data points out that Fidelityâs Bitcoin ETF dominated the ETF market on August 16. In this respect, the exchange-traded fund recorded a net inflow of up to $61.3 million. The substantial inflows of Fidelity denote resilient investor belief in Bitcoin.
On the other hand, Grayscale presented an opposite performance. It reportedly witnessed a massive outflow of approximately $72.9 million. Irrespective of the huge outflows from Grayscale, the Bitcoin ETFsâ cumulative flow over the entire week offers a positive outlook. The BTC ETFs reportedly made total gains of approximately $33M. This weekly flow mirrors the optimism among Bitcoin investors.
Fidelity Backs Bitcoin Dominance with Grayscale Increasing Challenges for Ethereum
Bitcoin ETF saw a negative flow just in 1 day during this week. Contrarily, Ethereum ETFs present a less optimistic overview. The updated data discloses an outflow of almost $15M from ETH ETFs on the 16th of August. This signals a relatively weaker day in terms of flows for Ethereum ETFs. Grayscaleâs Ethereum ETF again led the other ETH exchange-traded funds with inflows of nearly $10.3M.
The overall weekly trend indicates a decline. The Ethereum ETFs cumulatively saw $15M in outflows. The negative flow has taken place for the 2nd consecutive day within a week, showing a relatively bearish and cautious outlook. Hence, the Ethereum investors are potentially less confident about its short-term prospects.
As Spot On Chain suggests, while Bitcoin ETFs witnessed a resilient fund inflow, Ethereum ETFs experienced challenges in terms of consistent outflows. ETFs like Fidelity backed the dominance of Bitcoin while Grayscaleâs activity specifically drove the difficulties for Ethereum.
