Bitcoin
Bitcoin and Ethereum ETFs Go Separate Ways Amid Market Correction
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 (BTC) ETFs saw $124.1 million in net inflows at the end of the trading day on Monday, July 29. All of the day’s inflows, $205.6 million, went into BlackRock’s iShares Bitcoin Trust (IBIT).
The Grayscale Bitcoin Trust (GBTC) continued its downward moves, losing $54.3 million in outflows yesterday. The Bitwise Bitcoin ETF (BITB) and Fidelity Wise Origin Bitcoin Fund (FBTC) also saw $21.3 million and $5.9 million in outflows, respectively.
The remaining point BTC ETFs remained neutral.
Ethereum ETFs start the week with net outflows
According to data from Farside, Ethereum spot (ETH) ETFs registered US$98.3 million in net outflows yesterday, kicking off the second week of trading for the new investment products.
As crypto.news previously reportedIn a similar vein to the Ethereum ETF’s first week of trading, the Grayscale Ethereum Trust (ETHE) was the only ETH ETF with 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 has seen $58.2 million in inflows — helping its total inflows since launch surpass 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 lowest-fee Ethereum ETF, the Ethereum Mini Trust (ETH) and Franklin Templeton’s EZET saw $4.9 million and $2.5 million in inflows yesterday.
The divergent momentum in BTC and ETH spot ETFs comes as the global cryptocurrency market cap has seen a 3.3% decline in the past 24 hours, according to data from CoinGecko.
Bitcoin is down 4% and is trading at $66,600 at the time of writing. Ethereum has witnessed a 1.3% correction over the past day and is currently changing hands around $3,340.