🌎 Bitcoin and Ethereum ETFs Struggle Amid Bearish Market Sentiment

Spot Bitcoin and Ethereum exchange-traded funds in the United States have recorded poor results this week as bears dominate the market sentiment.

According to data provided by Farside Investors, spot Bitcoin ETFs recorded a net inflow of roughly $300,000 on July 31. BlackRock’s iShares Bitcoin Trust (IBIT) saw $21 million in inflows, continuing its third consecutive month without any outflows.

On July 31, Grayscale launched its spot Bitcoin Mini Trust, with the BTC ticker, on NYSE Arca. The newly-born ETF registered $18 million in inflows on its debut day. However, the inflows into these two ETFs were neutralized by the outflows coming from Fidelity’s FBTC, Bitwise’s BITB, and Ark 21Shares’ ARKB, worth $38.7 million in total. The remaining investment products stayed neutral.

Data from Farside Investors shows that spot Ethereum ETFs saw $77.2 million in net outflows on July 31. Expectedly, the outflows came from Grayscale’s ETHE fund, worth $133.3 million. So far, the ETHE fund has registered $1.97 billion in net outflows since its launch on July 23.

On the other hand, Grayscale’s Mini ETH fund recorded $19.5 million in inflows on the same day. Fidelity’s FETH followed with $18.8 million in inflows, while BlackRock’s ETHA fund saw only $5 million in inflows. VanEck’s ETHV, Bitwise’s ETHW, and Ark 21Shares’ CETH ETFs also registered $4.8 million, $4.7 million, and $3.3 million in inflows, respectively. Invesco’s QETH and Franklin Templeton’s EZET remained neutral.

The bearish sentiment around spot BTC and ETH ETFs comes as the broader cryptocurrency market takes a downturn. According to data from CoinGecko, the global crypto market capitalization dropped by 3.1% over the past 24 hours and is currently sitting at $2.41 trillion.

Bitcoin is down by 3.2% in the past 24 hours and is trading at $64,275 at the time of writing. Ethereum plunged 4.6% over the past day and is currently changing hands at $3,170.