U.S. BTC and spot Ethereum ETFs have recently generated new inflows, indicating that market sentiment may have changed a bit.
The BTC ETF saw significant investment flows on September 10, avoiding successive withdrawals. The Ethereum ETF also halted five consecutive days of outflows, although it had different issues.
These inflows come at a time when institutions are on the sidelines regarding crypto assets, with Ethereum appearing to be losing dominance even as BTC attracts more funds.
Combined with global Crypto asset ownership statistics, this paints a complex picture of future market trends.
Data shows that the spot BTC ETF attracted nearly $117 million on September 10, a 400% increase from $37.29 million the previous day.
This follows eight consecutive days of withdrawals that reduced total assets under management by more than $1.18 billion.
Fidelity’s FBTC led the way for two consecutive days with $63 million in inflows, followed by Grayscale BTC Mini Trust and ARK 21Shares with inflows of $41 million and $12.7 million, respectively.
The total volume of the 12 BTC ETFs fell 55% to $712 million from $1.61 billion in inflows the day before.
While the inflows look promising, the sharp drop in trading activity does warrant some caution among investors.
Interestingly, these figures coincide with the “2024 Global Crypto Asset Status Research Report” released by Gemini.
The survey showed that the Crypto asset holding rate in France surged from 16% to 18%, while the Crypto asset holding rates in the United States and the United Kingdom were 21% and 18% respectively. In contrast, the holding rate in Singapore fell slightly from 30% to 26%.
While the situation with Ethereum ETFs is less clear, the BTC ETF has shown strong liquidity.
On September 10, the spot Ethereum ETF saw a net inflow of $11.4 million, breaking five consecutive days of large outflows.
Fidelity’s FETH led the way with $7 million in inflows, while BlackRock’s ETHA came in second with $4.3 million in inflows.
However, the remaining seven Ethereum ETFs saw no inflows.
While these inflows are positive, Ethereum is still facing more difficulties. After Van Eck announced the closure of its Ethereum strategy ETF, Wisdom Tree withdrew its spot Ethereum ETF application submitted to the U.S. Securities and Exchange Commission.
Ethereum ETFs have accumulated net outflows of $562 million year to date, actions that indicate a decline in institutional confidence in Ethereum-based products.
Crypto assets are showing a variety of patterns in their development around the world. While ownership of crypto assets remains high in large markets such as the United States and the United Kingdom, there are signs of declining interest in some regions such as Singapore.
The market’s recovery depends on the perseverance of long-term investors, so Gemini’s research highlights factors beyond regulatory developments and spot ETFs that could also drive future expansion.
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