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YEREVAN (CoinChapter.com) — U.S.-based spot Bitcoin ETFs recorded an impressive $252 million inflows, marking the highest single-day value in the last month.
U.S. BTC Spot ETF Inflows Surge to $252 Million. Source: The Block
BlackRock’s IBIT, the largest Bitcoin ETF by total asset value, led the charge with an $87 million inflow. Fidelity’s FBTC followed closely with $64 million in inflows, securing its position as a major player in the market.
However, Grayscale’s GBTC, the second-largest ETF by asset value, diverged from the trend, experiencing a $35 million outflow, the only Bitcoin ETF to do so on Friday. Despite this, Grayscale’s Bitcoin Mini Trust (BTC) saw a substantial $50 million inflow, making it the third-highest in the group.
ARKB and VanEck HODL Lead Steady Inflows as Bitcoin ETF Value Hits $58.4 Billion
The positive momentum was not limited to just the top players. Bitwise’s BITB recorded $42 million in net inflows, while Ark and 21Shares’ ARKB added $24 million. VanEck’s HODL ETF saw a $14 million increase, continuing its steady performance. Smaller funds like Invesco’s BTCO and Valkyrie’s BRRR also participated, with inflows of $3 million and $2 million, respectively.
ETF Performance Summary Across Major Providers for August 2024. Source: The Farside
Despite varying inflow amounts, the collective value of U.S.-based spot Bitcoin ETFs reached approximately $58.4 billion, the highest in August. This consistent growth reflects a broader market trend, reinforcing Bitcoin’s appeal to investors.
Ether ETFs Lose $99M Amid Grayscale Decline, Small Gains by VanEck and Bitwise
In contrast to Bitcoin’s success, spot Ether ETFs have been on a downward trajectory, experiencing seven consecutive days of net outflows. Since the streak began on August 15, Ether ETFs have lost nearly $99 million, signaling a lack of confidence among investors.
Friday alone saw $5.7 million in outflows from Ether funds. Grayscale’s ETHE led the decline with a $9.8 million outflow, pushing total assets into the negative. However, not all Ether ETFs struggled. VanEck’s ETHV secured $2.0 million in inflows, while Bitwise’s ETHW added $1.4 million. Fidelity’s FETH recorded a modest inflow of $700,000, though the remaining funds saw no significant changes.
Ether ETFs Hold Value Despite Volatility and Net Outflows in August
Despite recent outflows, the total net assets of combined Ether ETFs remain at their highest level since August 2, largely due to fluctuations in Ether’s price. The continued volatility highlights the uncertain market conditions for Ether, even as Bitcoin ETFs surge ahead.
Ether ETFs Face Persistent Net Outflows in August. Source: SoSoValue
The contrasting performances of Bitcoin and Ether ETFs underscore the shifting dynamics within the cryptocurrency market. Investors continue to flock to Bitcoin, while Ether faces challenges that could define its near-term trajectory.
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