Spot Ethereum ETFs See Inflows As Crypto Market Rebounds –

Spot Ethereum exchange-traded funds (ETFs) in the US began the week with net inflows, coinciding with a broader recovery in the cryptocurrency market.

According to data from Farside Investors, spot Ethereum ETFs saw net inflows of $48.8 million on Monday, 5 August 2024. The majority of these inflows, totaling $47.1 million, were directed into BlackRock’s ETHA fund, pushing its total inflows past the $750 million mark.

VanEck’s ETHV and Fidelity’s FETH reported notable inflows of $16.6 million and $16.2 million, respectively. Furthermore, Grayscale’s mini ETH ETFs and Bitwise’s ETHW fund registered inflows of $7.6 million and $7.2 million. Franklin Templeton’s EZET fund saw $900,000 in inflows.

However, Grayscale’s ETHE fund continued to experience outflows, with $46.8 million exiting the fund on the same day. Since their launch, ETHE ETFs have seen total outflows amounting to $2.16 billion.

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On August 5, the total net inflow of Ethereum spot ETFs was $48.7264 million. Grayscale ETF ETHE had an outflow of $46.8384 million, BlackRock ETF ETHA had an inflow of $47.0857 million, and VanEck ETF ETHV had an inflow of $16.6247 million.https://t.co/Tvs2oCS03I pic.twitter.com/VTQikkRBnK

— Wu Blockchain (@WuBlockchain) August 6, 2024

Spot Bitcoin ETFs See Outflows

In contrast, spot Bitcoin ETFs faced significant outflows. The Grayscale Bitcoin Trust (GBTC), ARK 21Shares Bitcoin ETF (ARKB), and Fidelity Wise Origin Bitcoin Fund (FBTC) reported outflows of $69.1 million, $69 million, and $58 million, respectively.

Despite this, Grayscale’s mini BTC fund, VanEck Bitcoin Trust (HODL), and Bitwise Bitcoin ETF managed to attract inflows of $21.8 million, $3 million, and $2.9 million, respectively. The remaining spot Bitcoin ETFs remained neutral amidst the market’s volatility, marked by fear, uncertainty, and doubt (FUD).

Meanwhile, the crypto market has partly recovered from the Monday crash, with the global cryptocurrency market capitalization surging by 8.6% over the past 24 hours to reach $2.07 trillion.

Bitcoin rebounded from the $49,000 level and was trading at $55,950 at the time of writing. Ethereum regained the crucial $2,500 support line, rallying 14.4% in the past 24 hours.

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Digital Investment Products See $528M in Outflows

Last week, digital asset investment products experienced outflows totaling $528 million, breaking a four-week trend of inflows. CoinShares attributed this to concerns over a potential recession in the US, compounded by geopolitical uncertainties and widespread liquidations across various asset classes.

The majority of outflows were concentrated in the US, totaling $531 million, with Germany and Hong Kong also experiencing outflows of $12 million and $27 million, respectively. Conversely, Canada and Switzerland recorded inflows of $17 million and $28 million, respectively, capitalizing on price weaknesses.

Bitcoin products faced significant outflows of $400 million, a stark reversal following five weeks of inflows. Short-Bitcoin products saw inflows of $1.8 million, marking the first positive movement since June.

Likewise, Ethereum products experienced outflows of $146 million, contributing to net outflows of $430 million since the launch of ETFs in the US. The outflows from the established Grayscale trust, totaling $603 million, offset the positive inflows from newly launched US ETFs.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.