Bitcoin and Ethereum ETFs see mixed results.
(Photo by Michael M. Santiago/Getty Images)
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Key Takeaways
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.
Bitcoin ETF flows. Source: SoSoValue
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.
Ethereum ETF flows. Source: SoSoValue
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.
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.
