The crypto market is going through huge shifts in terms of investment flows, specifically in the case of Ethereum and Bitcoin ETFs. Spot On Chain, a prominent on-chain analytics platform has recently disclosed shifting investor sentiment of the investors regarding ETFs based on their net flows on August 28. The analytics firm took to its official X account to provide insights into the latest flows of $BTC and $ETH ETFs.
Bitcoin ETFs See Continuous Withdrawals with $105.3M in Outflows
In its exclusive X post, Spot On Chain mentioned that most of the US $BTC ETFs experienced net outflows. The cumulative outflows of Bitcoin ETFs reached $105.3M on August 28. The respective enormous withdrawal denotes further progress of a negative flow trend. This indicates likely profit-taking or concerns among the institutional crypto investors.
In this respect, ARK 21Shares (ARKB) dominated the Bitcoin ETF sector with massive outflows of nearly $59.3M worth. Following that, Fidelity (FBTC) and VanEck (HODL) went through outflows of up to $10.4M and $10.1M worth respectively. In addition to this, Grayscale Mini (BTC) and Bitwise (BITB) recorded $8.8M and $8.7M in net outflows respectively. However, Grayscale (GBTC) saw the least outflows of almost $8M worth.
Ethereum ETFs Record Slight Inflows, Breaking a 9-Day Outflow Streak
On the other hand, the Ethereum ETFs see an opposite scenario with cumulative inflows of nearly $5.9M. Although these inflows are low in amount, they denote the end of the 9-day outflow streak. Nonetheless, just a couple of $ETH ETFs saw inflows. Hence, BlackRock (ETHA) and Fidelity (FETH) recorded $8.4M and $1.3M in inflows.
Contrarily, Grayscale (ETHE) beheld outflows of $3.8M worth. The divergent flows of $BTC and $ETH ETFs highlight the institutional investors’ nuanced perspectives. According to Spot On Chain, although Bitcoin’s continued outflows raise concerns, Ethereum’s latest inflows point toward a relatively positive outlook.
