Bitcoin ETFs Record $192M Inflows While Ether ETFs Face Minor Outflows

On Thursday, the U.S. market for spot Bitcoin exchange-traded funds (ETFs) saw positive inflows totaling $192.56 million after days of massive outflows. This comes as the largest crypto by market cap saw a major surge in its value.

Bitcoin Inflows

Leading the pack was BlackRock’s IBIT fund, which reported the largest inflows of the day, bringing in $157.6 million. Following closely was WisdomTree’s BTCW, which emerged as the unexpected star of the day. The fund drew in a record $118.52 million, a tenfold increase over its previous high, set just a day earlier.

Fidelity’s FBTC also showed strong performance, with net inflows of $65.25 million. Meanwhile, the Ark Invest and 21Shares’ ARKB fund added $32.79 million to its portfolio. Even VanEck’s HODL ETF, which typically sees more modest activity, managed to pull in $3.38 million in net inflows.

In contrast, Grayscale’s converted GBTC fund faced a major withdrawal, with net outflows totaling $182.94 million. Hashdex’s spot Bitcoin fund also saw an outflow of $2.03 million.

Since their inception in January, these 12 spot Bitcoin ETFs have collectively garnered $17.43 billion in net inflows.

The total trading volume for these Bitcoin ETFs on Thursday reached $2 billion, reflecting increased market activity compared to Wednesday’s $1.79 billion. 

Ether ETFs Face Minor Net Outflow

The total net outflow for spot Ethereum ETFs was $2.87 million on Thursday. BlackRock’s ETHA fund attracted $11.74 million in net inflows, with additional inflows seen in Grayscale’s mini trust ($5 million) and Bitwise’s ether fund ($2.78 million).

However, these gains were offset by significant outflows, particularly from Grayscale’s ETHE, which saw $19.83 million exit, and Fidelity’s Ethereum ETF, which recorded $2.58 million in outflows.

Since launching on July 23, these ETFs have recorded $390.23 million in net outflows.

Despite the relatively minimal movements, the daily trading volume for Ethereum ETFs still reached $338.49 million. 

Current Market Condition

Since the recent bloodbath, the cryptocurrency market has recovered significantly. Bitcoin is currently trading around $61,000, up by more than 6% in the past 24 hours. Meanwhile, Ether has also seen a major recovery, surging by over 10% in the past day. The cryptocurrency is trading around $2,672 at the time of writing.