Ethereum

Franklin

United

Bitcoin

Spot

Spot Ethereum exchange-traded funds in the United States continued to see positive inflows this week, while spot Bitcoin ETFs experienced outflows for the second consecutive day.
<a href="https://farside.co.uk/?p=1518" target="_blank" rel="noopener noreferrer nofollow">Data </a>from Farside Investors revealed that the nine spot Ethereum ETFs had net inflows of $98.4 million on Tuesday, Aug. 6, <a href="https://crypto.news/spot-ethereum-etfs-see-48m-in-inflows-crypto-market-rebounds/" target="_blank" rel="noopener noreferrer nofollow">more than double the inflows recorded</a> the previous day.
The bulk of these inflows, amounting to $109.9 million, were directed into BlackRock’s ETHA fund, pushing its total inflows past the $850 million mark. Fidelity’s FETH fund also saw significant inflows of $22.5 million.
Grayscale’s mini ETH ETFs and Franklin Templeton’s EZET registered inflows of $4.7 million and $1 million, respectively, according to Farside Investors.
Conversely, <a href="https://crypto.news/grayscale-debuts-bitcoin-mini-trust-as-spot-btc-etp-on-nyse-arca/" target="_blank" rel="noopener noreferrer nofollow">Grayscale’s ETHE fund</a> continued to experience outflows, with $39.7 million withdrawn on Tuesday. Since their launch in the U.S. on July 23, ETHE ETFs have seen outflows totaling $2.2 billion. No flows were recorded for the remaining spot ETH ETFs.
SoSoValue’s <a href="https://sosovalue.com/assets/etf/us-eth-spot" target="_blank" rel="noopener noreferrer nofollow">data </a>indicated that the total daily trading volume for these spot Ethereum ETFs was $319.8 million on Tuesday, Aug. 6. This was less than half of the $715.2 million traded on Monday, Aug. 5, and lower than the $438.6 million recorded on Friday, Aug. 2.
You might also like: <a href="https://crypto.news/ethereum-price-nears-death-cross-as-7-siblings-buys-the-dip/" rel="noopener noreferrer nofollow"> Ethereum price nears death cross as ‘7 Siblings’ buys the dip </a>
Meanwhile, the 11 spot Bitcoin ETFs experienced net outflows of $148.6 million on Tuesday, Aug. 6, continuing the trend of outflows seen earlier in the week.
The Fidelity Wise Origin Bitcoin Fund ETFs saw the highest outflows, amounting to $64.5 million per <a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener noreferrer nofollow">data </a>from Farside Investors.
Other notable outflows included $32.2 million from the Grayscale Bitcoin Trust, $28.9 million from the ARK 21Shares Bitcoin ETF, and $23 million from Franklin Bitcoin. The remaining spot BTC ETFs remained neutral as the cryptocurrency market was affected by fear, uncertainty, and doubt (FUD).
According to SoSoValue <a href="https://sosovalue.com/assets/etf/us-btc-spot" target="_blank" rel="noopener noreferrer nofollow">data</a>, the total daily trading volume for these Bitcoin ETFs was $2.20 billion on Tuesday, Aug. 6, significantly lower than the $5.24 billion recorded on Monday, Aug. 5, and the $2.34 billion on Friday, Aug. 2.
The total value of Bitcoin spot ETFs currently stands at $51.5 billion. Recent data shows that digital asset investment products experienced outflows of $528 million last week, marking the first decline after four consecutive weeks of growth.
The downturn is attributed to growing fears of a potential U.S. recession, along with <a href="https://crypto.news/bitcoin-falls-below-50000-is-a-black-swan-coming-to-the-crypto-market/" target="_blank" rel="noopener noreferrer nofollow">geopolitical tensions and resulting mass liquidations of various asset types</a>.
Contributing to the market jitters, the Bank of Japan recently increased interest rates for the first time in 17 years, driven by worries about the Yen’s weakening purchasing power against the U.S. Dollar. This decision has heightened concerns across markets that favor riskier assets, leading to widespread sell-offs.
Moreover, rising tensions in the Middle East, especially between Israel and its neighbors, have intensified market uncertainty. The possibility of further conflict has led to precautionary measures by the affected countries.
Data from CoinGecko indicated that the global crypto market capitalization saw a minor rebound, increasing by 2% over the past 24 hours to $2.02 trillion.
Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) also r<a href="https://crypto.news/bitcoin-holding-close-to-57k-9-8m-holders-still-at-loss/" target="_blank" rel="noopener noreferrer nofollow">ecovered from the $55,000 zone</a> and is currently trading at $57,115 at the time of writing. The price surge pushed BTC’s market cap above the $1.1 trillion mark, with a daily trading volume of $46 billion. Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>), the largest altcoin, also rose by 1.2% in the last 24 hours, trading at $2,518 at the time of writing.
Read more: <a href="https://crypto.news/bitcoin-whales-accumulate-23b-in-btc-amid-market-uncertainty/" rel="noopener noreferrer nofollow"> Bitcoin whales accumulate $23b in BTC amid market uncertainty </a>

Spot Ethereum ETFs record $98.4m inflows; Bitcoin ETFs shed $148.6m

crypto.news

Other articles published on Aug 7, 2024

Weekly Article Recap: 7/29-8/02

Weekly Article Recap: 7/22-7/26

Russia Advances Crypto and Mining Regulations as US Sanctions Impact Economy

Bitcoin Whales Move $23 Billion to Permanent Addresses: This is Why New Investors Should Follow

Chainlink Join Hands With Wenia to Boost Transparency of Colombian Peso-Backed Stablecoin

Uniswap Foundation Reports $36.81M in Reserves and $3.22M in New Grants for Q2

Join our free newsletter for daily crypto updates!