Spot Bitcoin ETFs Surge Ahead of Ethereum
In an impressive show of market dynamics, spot Bitcoin ETFs in the United States have recorded significant inflows, vastly outpacing their Ethereum counterparts. According to data from SoSoValue, Bitcoin ETFs saw a remarkable $27.87 million in inflows as of August 12, a sharp turnaround from the $45.14 million outflows just three days prior.
ARK 21Shares's ARKB emerged as the frontrunner, attracting $35.4 million in new investments. This pushes its total inflows since its inception to an impressive $2.45 billion. Following closely, BlackRock's IBIT recorded $13.4 million in inflows, marking its second day of consecutive gains. On the other end of the spectrum, Grayscale's Bitcoin mini trust fund saw the lowest inflow of $7.9 million. Nonetheless, these inflows helped balance out the $11.8 million outflows from Grayscale's larger GBTC, which has experienced a substantial $19.46 billion decline since its introduction.
The trading volume for Bitcoin ETFs reached $1.3 billion, slightly up from $1.27 billion three days prior. The cumulative net inflows into spot Bitcoin ETFs now stand at $17.37 billion.
Ethereum ETFs Lag Behind
In contrast, Ethereum ETFs faced a modest inflow of $4.93 million, ending a three-day streak of net outflows. Fidelity's FETH led the Ethereum ETF inflows with $4 million, while Bitwise's ETHW and Franklin Templeton's EZET recorded $2.9 million and $1 million, respectively. Notably, VanEck’s ETHV witnessed its first day of outflows, amounting to $2.9 million. Other Ethereum ETFs reported neutral flows, but trading volumes surged to $285.96 million.
Despite these recent inflows, Ethereum ETFs have been struggling with cumulative net outflows of $401.01 million.
Market Snapshot
As of the most recent data, Bitcoin is trading at $59,105, while Ethereum has settled at $2,641. This data highlights the ongoing competition and market preferences between Bitcoin and Ethereum in the ETF space.
These developments underscore the evolving landscape of cryptocurrency markets and the significant role that ETFs play in attracting institutional and retail investment. By navigating these trends, investors can make more informed decisions in the rapidly changing world of digital assets.
