As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market ebbs and flows. The recent developments in the Bitcoin and Ethereum ETF space have piqued my interest, not just because of the numbers, but also due to the intricacies that lie beneath.
The sequence of consecutive days with inflows into U.S. Bitcoin exchange-traded funds (ETFs) has come to an end, as they reported a combined daily outflow of approximately $43.97 million on Wednesday, bringing the positive trend to a halt.
ARKB Leads Outflows Charge for Spot Bitcoin ETFs
Yesterday, most Exchange-Traded Funds (ETFs) experienced minimal or no inflows. However, it was Ark Invest and 21Shares’ ARKB that saw the highest outflows. Based on SoSoValue’s data, a significant amount of $54.03 million was withdrawn from this particular product on that day.
On the same day, Grayscale’s GBTC and its Bitcoin Mini Trusts experienced withdrawals totaling $4,590,000 and $511,230, respectively, representing outflows for these funds.
On the same day, Fidelity’s FBTC saw the most inflows, bringing in $12.57 million in net investment. Invesco’s BTCO was the only other fund with positive flows, experiencing a modest yet promising addition of $2.59 million to its product. Meanwhile, Wednesday was not a good day for other funds as FBTC led the way.
As an analyst, it’s intriguing to observe that all seven other funds, including BlackRock’s IBIT – a fund renowned for its inflow prowess – have experienced zero net inflows recently. Notably, IBIT has been lacking in recording positive net inflows since August 26, which is over two weeks ago.
On Wednesday, the combined trading volume of all 12 Bitcoin ETFs amounted to approximately $1.27 billion, significantly higher than the previous day’s $712.25 million. This substantial daily trading suggests a growing confidence in Bitcoin as an investment option. Since their debut in January, spot Bitcoin ETFs have garnered a total of $17 billion in net inflows. Despite experiencing fluctuations, Bitcoin remains on a relatively high level of investor interest.
Ether ETFs Join the Negative Flows Train
On Wednesday, it’s worth noting that Ether ETFs experienced similar trends, with a total net outflow of approximately $542,870. More specifically, VanEck’s ETHV reported outflows amounting to $1.71 million, while Fidelity’s FETH recorded inflows of $1.17 million. Notably, seven Ethereum ETFs in the U.S. saw no changes in their funds that day, similar to Bitcoin ETFs.
Yesterday, there was an increase in the daily trading volume of Ethereum ETFs. This amount rose from $102.87 million on Tuesday to $126.22 million on Wednesday.
Presently, Bitcoin’s value has risen by 2.64% in the last 24 hours, reaching approximately $57,959. Meanwhile, Ether, denoted as ETH, also experienced a growth of 0.92%, trading around $2,356. Over the same period, its volatility was 1.1%, and it had a market cap of $284.30 billion, with a 24-hour volume of $15 billion.
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2024-09-12 10:42