Spot Bitcoin (BTC) exchange-traded funds (ETFs) in the U.S. saw net positive flows for the first time in three days, while their Ethereum counterparts experienced net outflows.

Spot Bitcoin ETFs Log Inflows of $45.1 Million

Data from Farside Investors indicated that the 11 spot Bitcoin ETFs had net inflows of $45.1 million on Aug. 7, reversing the previous three-day trend of outflows that amounted to $554.4 million.

BlackRock’s IBIT led the inflows with $52.5 million. WisdomTree’s BTCW followed with $10.5 million, marking its largest net inflow to date. Grayscale’s Bitcoin Mini Trust added $9.7 million, and Bitwise’s BITB recorded $3 million in net inflows.

Grayscale’s converted GBTC fund was the only Bitcoin ETF to experience net outflows on Aug. 7, with $30.6 million withdrawn. Since its launch, the fund has seen approximately $19.2 million in outflows. The other spot Bitcoin ETFs remained neutral.

According to SoSoValue data, the total daily trading volume for these Bitcoin ETFs was $1.79 billion on Aug. 7, lower than the $2.2 billion recorded the day before.

Since January, spot Bitcoin ETFs have accumulated a total net inflow of $17.23 billion.

Ether ETFs See Outflows

The 9 spot Ethereum ETFs flipped to net outflows on Aug. 7, losing $23.68 million following two consecutive days of inflows.

Data from Farside Investors indicate the outflows were led by Grayscale’s ETHE fund with $31.9 million exiting the fund. Since its launch, the ETHE fund has registered $2.23 billion in net outflows.

Among other offerings, Fidelity’s FETH saw $4.7 million in net inflows. Bitwise’s ETHW and Franklin Templeton’s EZET reported net inflows of $1.7 million and $1.8 million respectively. The rest of the funds saw no flows.

Despite the inflows over the past 2 days, $387.7 million has left the funds since their listing, offset by Grayscale’s ETHE.

Market Recovery and Current Trends

The inflows into spot Bitcoin ETFs coincide with a broader recovery in the cryptocurrency market as it continues to recover from the recent market downturn, fueled by concerns over a potential US recession, Federal Reserve policies, and economic instability.

As of now, Bitcoin is up 1% over the past 24 hours, trading at $57,379. Ethereum has dropped 42.9% in the same period and is currently priced at $2,426.

For more updates on cryptocurrency trends and market insights, stay tuned to Global Crypto News.

Post Views: 4