On July 23, US exchange-traded funds (ETFs) experienced significant changes in investments for Bitcoin (BTC) and Ethereum (ETH). According to SpotOnChain, Bitcoin ETFs saw a net outflow of $78 million. It marked the first negative net flow in the past 13 trading days. Among the Bitcoin ETFs, only BlackRock’s IBIT fund recorded an inflow yesterday.
BlackRock and Bitwise Ethereum ETFs Break $200M Inflows
On the other hand, the Ethereum asset saw a net inflow of $107 million for Ethereum ETFs on the very first trading day. Notably, about 5.3% of the Ethereum held by Grayscale’s ETHE fund left on the first trading day.
In addition, BlackRock’s ETHA and Bitwise’s ETHW ETFs saw inflows breaking the $200 million mark. These movements demonstrate numerous fluctuations in cryptocurrency investment via ETFs and differences in investor intentions and actions within the market.
Bitcoin ETFs Face Outflows as Ethereum Inflows Increase
The direction of the performance of the ETFs in Bitcoin and Ethereum signifies the changing trends in investors’ choices. However, there was an overall trend of outflow from Bitcoin that could be due to a temporary lack of confidence or profit taking.
In contrast, Ethereum has steady inflows that point to increasing demand and positivity toward the cryptocurrency. That only BlackRock’s Bitcoin ETF experienced inflows while the rest of the industry seemed to be experiencing outflows shows that BlackRock is in a very different position. Ultimately, the SpotOnChain data highlights that these trends are important in analyzing the market direction and investors’ behavior in the crypto sphere.
