Bitcoin and Ethereum exchange-traded funds in the United States both saw positive inflows on Aug. 1, marking the first time since the launch of the nine spot Ether ETFs on July 23. The 11 spot Bitcoin ETFs recorded a net inflow of around $50.6 million on Aug. 1. Grayscale’s Grayscale Bitcoin Mini Trust led the way with a substantial $191.1 million in inflows. Blackrock’s IBIT followed with an inflow of $25.9 million, continuing its streak of no outflows for the third consecutive month.
On the other hand, Grayscale’s GBTC experienced the most significant net outflows among the competing products, with $71.3 million. Fidelity’s FBTC saw $48.4 million in net outflows, while Ark and 21Shares’ ARKB, Bitwise’s BITB, and VanEck’s HODL also saw outflows. The total daily trading volume for these spot Bitcoin ETFs was $2.91 billion on Aug. 1, a significant increase from the previous days.
In terms of Ethereum ETFs, positive inflows were also observed on Aug. 1. The nine U.S. spot Ethereum ETFs recorded a net inflow of $26.7 million. BlackRock’s iShares Ethereum Trust led the way with an inflow of $89.6 million. However, Grayscale’s Ethereum Trust saw outflows of $78 million on the same day, totaling over $2 billion since its conversion to a spot fund.
Fidelity’s FETH and Bitwise’s ETHW also logged inflows, while the remaining Ethereum ETFs had no flows on that day. The total daily trading volume for these spot Ethereum ETFs was $331.11 million on Aug. 1.
It is worth noting that the price of Bitcoin dropped by 0.2% to $64,200, and Ethereum saw a slight decline of about 0.7% to around $3,147. Despite the fluctuations in prices, the positive inflows into both Bitcoin and Ethereum ETFs indicate continued interest and investment in the crypto market.
Analysts predict that the outflows from Grayscale’s Ethereum Trust are likely to taper off, leading to further growth and stability in the market. As investors continue to show confidence in cryptocurrencies, the future of Bitcoin and Ethereum ETFs remains promising.