Connect with us

Bitcoin ETF

Bitcoin and Ethereum ETFs see first joint positive inflows since Ether ETF launch

Published

on



Spot Bitcoin and Ethereum exchange-traded funds in the United States saw joint positive inflows for the first time on Aug. 1 since the launch of the nine spot Ether ETFs on July 23.

Bitcoin ETFs see $50.6m in inflows

According to data from Farside Investors, the 11 spot Bitcoin ETFs recorded a net inflow of roughly $50.6 million on Aug. 1, led by Grayscale’s newly launched Grayscale Bitcoin Mini Trust, which alone recorded a substantial $191.1 million in inflows.

Blackrock’s IBIT followed with a more modest inflow of $25.9 while continuing its third consecutive month without any outflows. Meanwhile, Grayscale’s GBTC experienced the most significant net outflows among the competing products with $71.3 million.

This was followed by Fidelity’s FBTC with $48.4 million in net outflows, Ark and 21Shares’ ARKB with $22.4 million, Bitwise BITB with $20.7 million, and VanEck’s HODL with $3.6 million in net outflows. The remaining Bitcoin ETFs remained neutral.

According to SoSoValue data, the total daily trading volume for these spot Bitcoin ETFs was $2.91 billion on Thursday, Aug. 1, much higher than the $1.37 billion recorded on Tuesday, July 30, and Wednesday, July 31.

Ethereum ETFs also record positive inflows of $26.7m

The daily net inflows into the nine U.S. spot Ethereum ETFs also remained positive despite Grayscale’s Ethereum Trust (ETHE) experiencing cumulative outflows exceeding $2 billion.

On Aug. 1, the Ethereum ETFs recorded a net inflow of $26.7 million, with BlackRock’s iShares Ethereum Trust leading the way with an $89.6 million inflow, according to Farside Investors data.

Grayscale’s Ethereum Trust saw outflows of $78 million on the same day, bringing the total outflows from the fund to over $2 billion since it was converted to a spot fund. Unlike the other eight spot Ethereum ETFs launched on July 23, ETHE was originally a trust offering institutional investors’ exposure to (ETH) and was converted to a spot ETF on the same date.

Before its conversion, ETHE held $9 billion in Ethereum, with the recent outflow suggesting that 22% of the initial fund had been sold.

Meanwhile, on Aug. 1, Fidelity’s FETH and Bitwise’s ETHW logged inflows of $11.7 million and $3.4 million, respectively, while the remaining Ethereum ETFs experienced no flows on that day.

Per data from SoSoValue, the total daily trading volume for these spot Ethereum ETFs was $331.11 million on Thursday, Aug. 1, lower than the $472.5 million recorded on Wednesday, July 31, and $563.22 million on Tuesday, July 30.

In a July 29 post on X, Steno Research senior analyst Mads Eberhardt predicted that the substantial outflows from Grayscale’s ETHE would likely taper off this week, a trend that appears to have already started. “When it does, it’s up only from there,” remarked Eberhardt.

At the time of writing, the price of Bitcoin (BTC) had dropped by approximately 0.2% to $64,200. Ethereum, the largest altcoin in the crypto market, has also seen a slight decline of about 0.7% over the past day, currently trading around $3,147.



Source link

Bitcoin

BlackRock’s IBIT records largest outflow day as Bitcoin ETFs log third consecutive day of outflows

Published

on



On Nov. 5, BlackRock’s spot Bitcoin exchange-traded fund, BITB, recorded its largest net outflow day since inception, with $44.2 million leaving the fund.

Since its launch in January, BlackRock’s BITB has experienced only six days of outflows, with the previous largest single-day outflow of $36.9 million on May 1.

According to data from Farside Investors, the 12 spot Bitcoin ETFs recorded a net outflow of $116.8 million on Nov. 5, extending their outflow streak to three consecutive trading days. However, these outflows were significantly lower than the $541.1 million recorded on Nov. 4, which marked the second-largest outflow day for these investment products.

Across the sector, outflows were dominated by Fidelity’s FBTC, which saw $68.2 million withdrawn, leading the day’s redemptions. Other funds also posted notable outflows, including ARK Invest and 21Shares’ ARKB, which saw $12.5 million in redemptions, Franklin Templeton’s EZBC with $6 million, VanEck’s HODL with $3.9 million, and Valkyrie’s BRRR, which reported $1.3 million in net outflows.

In contrast, Biwise’s BITB was the only spot Bitcoin ETF to log net inflows, with $19.3 million entering the fund. Grayscale’s GBTC and several other spot Bitcoin ETFs saw zero flows for the day.

Bitcoin defies ETF outflows, surges to record high

Despite ETF outflows extending for a third day, Bitcoin’s price rose sharply overnight.

CoinGecko data shows Bitcoin (BTC) reaching an unprecedented $75,000 in a potential reaction to election news that former President Donald Trump might be gaining momentum in early voting.

The flagship cryptocurrency later retreated slightly, trading up 8.7% at $74,563 at the time of reporting.

Bitcoin’s performance has remained strong, especially following its previous all-time high of $73,797 set on March 14, though it has mostly traded below $70,000 for much of the year.

While Bitcoin ETFs experienced significant outflows, U.S.-based spot Ethereum ETFs had a quieter day, registering zero net flows on Nov. 5, according to Farside Investors. However, Ethereum (ETH) mirrored Bitcoin’s upward price momentum, gaining 6.7% to trade just above $2,600.

According to CoinGecko data, the global crypto market capitalization increased by 6.6% over the past day, reaching $2.58 trillion.



Source link

Continue Reading

Bitcoin ETF

Ethereum ETFs see $10m patronage from Michigan State

Published

on



Ethereum ETFs recorded their first State Pension Fund purchase, as Michigan acquired shares from two funds offered by Grayscale.

According to a Securities and Exchange Commission filing, the State of Michigan became a top five holder of Grayscale’s spot Ethereum (ETH) exchange-traded funds. Michigan’s Form 13F disclosed that the state owns a cumulative $10 million of Grayscale’s ETH and ETHE products.

Bloomberg ETF expert Eric Balchunas noted that Michigan held more shares in ETH ETFs than in its spot Bitcoin (BTC) ETF holdings.

Not only did Michigan’s pension buy Ether ETFs but they bought more then they did of Bitcoin ETFs, $10m vs $7m. This despite BTC being up a ton and Ether in the gutter. Pretty big win for ether which could use one.

Eric Balchunas, senior Bloomberg ETF analyst

The crypto community expressed mixed reactions to this first state fund investment in ETH products. Some praised the move as bullish for Ethereum, while others criticized Michigan’s government investors for allocating less to Bitcoin ETFs.

Rug Radio creator Daito Yoshi likened the move to a strategic business decision. Yoshi suggested on X that other government-backed investors may also deploy capital to ETH products.

I wonder where other institutions will choose to allocate in order to catch up with BTC gains once we hit $100K and they realize they’ve missed the BTC boat.

Daito Yoshi, Rug Radio creator

Bitcoin and Ethereum ETFs have been trading for months, with BTC funds as clear leaders in the crypto investment space. Over $70 billion is held in Bitcoin ETFs compared to less than $10 billion in Ethereum funds.

However, institutional interest in crypto ETFs has generally grown. Traditional finance firms have invested about $13 billion on Bitcoin ETF shares alone this year.



Source link

Continue Reading

Bitcoin

Bitcoin ETFs record total daily outflow of $54.94 million as BTC hovers at $69,000

Published

on


The U.S. Bitcoin spot exchange-traded funds have recorded a daily outflow of $54.94 million as of Nov. 1, and Ethereum follows suit with a $10.93 million outflow.

The latest data from SoSoValue shows that the U.S. Bitcoin (BTC) spot ETFs exhibited a $54.94 million outflow on Nov. 1.

The one-day net inflow of IBIT stood at $0. According to the data, the cumulative net inflow of IBIT stood at $26.14 billion.

On the other hand, GBTC exhibited a $5.51 million outflow, which has brought its cumulative net inflow to -$20.16 billion.

FBTC, ARKB, and BITB showcased a net outflow of $25.64 million, $24.13 million, and $5.64 million, respectively.

Bitcoin ETFs record total daily outflow of $54.94 million as BTC hovers at $69,000 - 1
US BTC Spot ETF inflow data from SoSoValue

Grayscale Bitcoin Mini Trust is the only one that enjoyed an inflow of $13.51 million. This has brought its cumulative net inflow as of Nov. 1 to $502.07 million.

The majority of the Bitcoin ETFs reported outflows primarily rather than inflows. The cumulative total net inflow of all Bitcoin ETFs came around $24.15 billion as of Nov. 1.

Ethereum ETFs record $10.93 million in outflow

In comparison to Bitcoin ETFs, Ethereum (ETH) ETFs also recorded a negative outflow date with $10.93 million. The cumulative total net inflow also stood at -$491.44 million as per SoSoValue data.

Interestingly, ETHE is the only Ethereum ETF that recorded an outflow of $11.43 million. This brought its cumulative net inflow to -$3.13 billion.

Other ETFs, including ETHA, ETH, FETH, ETHW, ETHV, and EZET, stood at $0 with no inflow or outflow.

QETH, on the other hand, enjoyed over $502,000 in inflow, bringing its cumulative net inflow to $25.82 million.

The poor inflow comes when the overall crypto market cap has plunged to $2.32 trillion. Bitcoin price has dropped to the $69,400 level, while Ethereum has gone down to the $2,490 level at press time.



Source link

Continue Reading
Advertisement [ethereumads]
Bitcoin Magazine Pro2 hours ago

The Bitcoin Report: Key Trends, Insights, and Bitcoin Price Forecast

Blockchain3 hours ago

Eclipse launches public mainnet of first SVM L2 on Ethereum

Cardano (ADA) Price4 hours ago

How Far Can Cardano Price Rise in November?

Bitcoin4 hours ago

Bitcoin Indicator Signals Equilibrium After Trump Victory – A Clear Path To New Highs?

Digital Age6 hours ago

Satoshi Nakamoto: The Robin Hood of the Digital Age, But He Stole from Himself

Partner Content7 hours ago

Following SHIB’s success, XYZ coin could bring 19,900% gains: $1,000 could yield $200k

Bitcoin8 hours ago

Benjamin Cowen Issues Bitcoin Alert, Says Potential Plunge ‘That Scares People’ Incoming – Here’s His Outlook

24/7 Cryptocurrency News8 hours ago

Trump Memecoins Tanked More than 50%: Is It The End or Just A Temporary Downfall?

cryptocurrency10 hours ago

TRUMP, MAGA, and other Trump-themed tokens crash after election day

24/7 Cryptocurrency News11 hours ago

Dormant Ethereum Whale Returned With Donald Trump’s Win Making $30M

Law and Order12 hours ago

SEC Seeks Court Approval to Dismiss Kraken’s Major Legal Defenses

bull market13 hours ago

How Trump’s Promises Could Influence BTC $250k forecast

24/7 Cryptocurrency News14 hours ago

Polymarket Faces French Ban After Massive Bets On US Election Results

Bitcoin16 hours ago

Bitcoin (BTC) Price Hits $76K as Crypto Liquidations Soar, Coinbase (COIN) Rockets 30% Higher on Trump Sweep

Bitcoin16 hours ago

Trump victory creates over 11k new Bitcoin millionaires

Trending

    wpChatIcon