Bitcoin and Ethereum ETFs could be making a comeback.
(Photo by Michael M. Santiago/Getty Images)
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Key Takeaways
Bitcoin ETF inflow averages are significantly lower amid market uncertainty.
Ethereum ETF flows may be suppressed by market dynamics.
Blackrock’s Ethereum ETF has seen $950 million in net inflows.
U.S. spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) have seen a modest return to form, with both markets posting positive net flows.
Although the numbers are considerably smaller than in previous months, the slowed rate of flows may be a positive sign for the crypto markets.
Bitcoin ETFs
As per data from SoSoValue, Bitcoin ETFs have posted $38.98 million in net inflows for Aug. 13, 2024.
Bitcoin ETF flows. Source: SoSoValue
BlackRock’s iShares Bitcoin Trust (IBIT) soaked up a majority of the day’s flows, adding $34.55 million to its fund, which now commands over $21 billion in net assets.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) wasn’t too far behind, securing $22.56 million for its fund, which now exceeds $10.75 billion in net assets. Trailing just behind is the Bitwise Bitcoin ETF (BITB), which saw $16.54 million added to its $2.29 billion portfolio.
ARK 21Shares’ Bitcoin ETF (ARKB), a fund that has seen rather consistent outflows since the end of July, has posted net outflows of $6.06 million. Aside from ARKB and Grayscale, all other funds saw neutral flows.
The Grayscale Bitcoin Trust (GBTC) is fighting to retain its title of outflow champion and faces zero competition. On day nine of its current outflow streak, it shed another $28.65 million.
Ethereum ETFs
According to SoSoValue, Ethereum ETFs bagged a net inflow of $24.34 million for Aug. 13, 2024, marking the second consecutive day of net inflows since last week.
Ethereum ETF flows. Source: SoSoValue
BlackRock’s iShares Ethereum Trust (ETHA) retains its dominant position with $49.12 million in net inflows. The fund now approaches a cumulative net inflow of $950.38 million and will be the first to break the $1 billion mark if it maintains momentum.
The Fidelity Ethereum Fund (FETH) also caught positive inflows, adding $5.41 million to its fund. In a rather surprising turn of events, the Invesco Galaxy Ethereum ETF (QETH) saw its fourth-ever day of net inflows, bagging a very humble $813,000. This brings the funds’ cumulative net inflow to $15.12 million.
It’s a worthwhile mention, as, after three days of inflows totaling $14.3 million post-launch, QETH flows ran neutral. As with Grayscale’s slowing outflows, net inflows into the more “quiet” ETF funds could signal bullish sentiment amongst the institutions.
After breaking a 14-day outflow streak on Aug. 12, the Grayscale Ethereum Trust (ETHE) has returned to form, posting $31.01 million in net outflows. This brings the funds’ cumulative net outflows to $2.33 billion.
Riding the Storm
Looking at the recent inflows and outflows for Bitcoin and Ethereum ETFs, you would have noticed a trend of mostly neutral or particularly small flow figures.
Around Aug. 2, when crypto and stock markets were hit with a massive selloff, Bitcoin ETFs initially responded with some sizeable outflows, but this cooled off rapidly despite the persistent market uncertainty.
Eventually, BTC ETF flows turned mostly green, with individual funds regularly posting neutral or very muted flows. Ethereum ETFs moved at a similar pace over the last week.
Optimistically, this could signal better days to come. With BTC once again testing the $60,000 mark and ETH pushing above $2,700, slow flows within the crypto ETF market may be the new norm.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
