Ethereum
Bitcoin and Ethereum ETFs Take Different Paths Amid Market Correction
Spot Bitcoin and Ethereum exchange-traded funds in the United States started the week in different directions as the frontier cryptocurrency market faces corrections.
According to data provided by Farside Investors, spot Bitcoin (Bitcoin) ETFs saw $124.1 million in net inflows by the end of trading on Monday, July 29. All of the day’s inflows, $205.6 million, flowed into BlackRock’s iShares Bitcoin Trust (IBIT).
The Grayscale Bitcoin Trust (GBTC) continued its decline, losing $54.3 million in outflows yesterday. The Bitwise Bitcoin ETF (BITB) and Fidelity Wise Origin Bitcoin Fund (FBTC) also saw outflows of $21.3 million and $5.9 million, respectively.
The remaining BTC spot AND F remained neutral.
Ethereum ETFs Start Week With Net Outflows
According to Farside data, spot Ethereum (ETH) AND F registered $98.3 million in net outflows yesterday, marking the start of the second week of trading for new investment products.
As crypto.news already said reportedIn a similar pattern to the Ethereum ETF’s first week of trading, Grayscale Ethereum Trust (ETHE) was the only ETH ETF to see outflows, losing $210 million on July 29. Overall, ETHE has seen $1.72 billion in net outflows since its launch. Data shows that BlackRock’s ETHA saw $58.2 million in inflows, pushing its total inflows since launch past the $500 million mark.
Additionally, Fidelity’s FETH, VanEck’s ETHV, and Bitwise’s ETHW also saw double-digit inflows of $24.8 million, $10.9 million, and $10.4 million, respectively.
Grayscale’s low-fee Ethereum ETF, Ethereum Mini Trust (ETH), and Franklin Templeton’s EZET saw $4.9 million and $2.5 million in inflows yesterday.
The different dynamics of BTC and ETH spot ETFs come as the global cryptocurrency market capitalization has seen a 3.3% decline in the past 24 hours, according to data from CoinGecko.
Bitcoin has dropped 4% and is trading at $66,600 at the time of writing. Ethereum has corrected 1.3% over the past day and is currently trading around $3,340.