Ethereum ETFs See Continued Inflows as Bitcoin ETFs Face $80M Exodus

• Grayscale’s Bitcoin ETF outflows are nearing $20 billion, Ethereum ETF outflows now exceed $2.4 billion.
• BlackRock’s Bitcoin and Ethereum ETF inflows total over $22 billion.
• Goldman Sachs has invested over $400 million into Bitcoin ETFs.

U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) have seen a small but not insignificant day of net outflows as the premier crypto battles for $60,000.

Meanwhile, Ethereum (ETH) ETFs are on a winning streak with their third day of net positive inflows.

Bitcoin ETFs

As per SoSoValue , Bitcoin ETFs shed $81.36 million in net outflows on Aug. 14, 2024, marking yet another day of mixed but tepid flow results for the month.

In an odd turn of events, Franklin’s Bitcoin ETF (EZBC) was the top-performing fund of the day for the first time since launching. The mostly neutral fund bagged a solid $3.42 million in net inflows, bringing its cumulative net inflow to a respectable $384.14 million.

The only other gainer for the day was BlackRock’s iShares Bitcoin Trust (IBIT), which saw $2.68 million in net inflows despite seeing over $600 million in trading volumes that day. IBIT now commands $20.55 billion in net asses.

As for the underperformers, Fidelity’s Wise Origin Bitcoin Fund (FBTC) saw an outflow of $18.05 million, as did ARK 21Shares’ Bitcoin ETF (ARKB), which had $6.77 million in net outflows. Bitwise’s Bitcoin ETF (BITB) saw the lowest outflows, shedding $5.78 million.

Reliably, Grayscale’s Bitcoin Trust (GBTC) maintained its position as the outflow king by posting net outflows of $56.87 million. Since launching, GBTC has seen net outflows of $19.55 billion.

Ethereum ETFs

According to data provided by SoSoValue , Ethereum ETFs are on a roll, netting a humble $10.77 million on day three of their inflow streak.

In typical fashion, BlackRock’s iShares Ethereum Trust (ETHA) retains the top spot in inflows, netting $16.13 million. With zero days of net outflows and just three days of neutral flows, ETHA stands as the top-performing Ethereum ETF with $966.5 million in cumulative net inflows.

Fidelity’s Ethereum Fund (FETH) bagged a healthy $6.65 million on day four of its inflow streak, bringing the fund’s cumulative net inflows to $357.75 million. Bitwise’s Ethereum ETF (ETHW) wasn’t too far behind, netting $2.67 million in net inflows.

The Grayscale Ethereum Mini Trust broke a two-day streak of neutral flows with a modest $2.26 million net inflows. However, the fund’s overall performance remains underwhelming, with just $222.92 million in net inflows since its launch.

It appears the “mini” fund has largely failed to achieve its intended purpose of capturing significant exits from the primary Ethereum fund.

Meanwhile, the Grayscale Ethereum Trust (ETHE) saw yet another day of outflows, losing $16.95 million in net outflows from its dwindling fund. To date, ETHE has seen $2.43 billion in exits.

Change of Pace

Ethereum ETFs haven’t taken off as many would have hoped.

Of course, it’s unrealistic to assume they would perform anywhere near as well as Bitcoin ETFs did when they launched. However, their performance has been somewhat disappointing to some. This is while ignoring everything that happened earlier this year, including the halving and the memecoin frenzy. 

It could be some time before Ethereum ETFs “explode” like Bitcoin funds did, but a surge is unlikely anytime soon. Given that the price of ETH continues to circle the $2,600 level, the assumption that institutions would gobble up the discounted token by the billions has bore little fruit.

This could very well be the ‘new norm’ of crypto ETFs — a little less exciting but much more consistent.

About the Author

Eddie Mitchell

Eddie has been writing news and content primarily for crypto news and industry players over the past seven years. With an eye for the bigger picture, Eddie prefers to investigate the broader implications of a story, as well as explore the weird and wonderful world of crypto. He believes blockchain has already changed the world, but observes the space overall with a skeptical and adoring eye.

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