On August 7, 2024, the US Bitcoin ETFs experienced a notable positive net inflow of $45 million, marking a significant turnaround after three consecutive days of strong negative flows. This resurgence was driven primarily by BlackRock’s IBIT, which saw the largest individual inflow at $52.5 million.Â
Despite this positive shift, Fidelity’s FBTC and 21Shares’ ARKB have been struggling, recording non-positive flows for 14 consecutive trading days. This highlights a mixed sentiment in the market, with some funds performing significantly better than others.
In contrast to Bitcoin, Ethereum ETFs faced a challenging day with a net outflow of $24 million. This reversal comes after two days of positive inflows, signaling renewed uncertainty in the market. Grayscale’s ETHE continued to see smaller outflows, contributing significantly to the overall negative sentiment. Moreover, six out of the eight US ETH ETFs recorded smaller inflows, suggesting a broader trend of cautious investor behavior in Ethereum-related products.
Detailed Analysis of Bitcoin ETF Performance
The 30-day net inflow analysis for Bitcoin ETFs reveals a period of volatility. Significant positive inflows were recorded on multiple days, with peaks such as $295 million and $486 million. However, these were interspersed with notable outflows, including a substantial $237 million outflow on one of the trading days.
The price of Bitcoin, represented in yellow on the graph, remained relatively stable despite these fluctuations in ETF inflows, hovering between $55,000 and $65,000 over the 30-day period.
The ETF market on August 7, 2024, showcased the dynamic nature of cryptocurrency investments. While Bitcoin ETFs managed to bounce back with a strong net inflow, Ethereum ETFs struggled with renewed outflows. Investors and market analysts will be closely monitoring these trends to gauge future movements and sentiment in the cryptocurrency ETF space.
The detailed analysis provided by SpotOnChain offers valuable insights into the performance of specific ETFs, highlighting the differing fortunes of prominent funds like BlackRock’s IBIT and Grayscale’s ETHE. As the market evolves, these trends will play a crucial role in shaping investment strategies and market expectations.
