This week, a lot of money came into spot Ethereum exchange-traded funds (ETFs) in the US, but funds left spot Bitcoin ETFs for the second day in a row.
Farside Investors says that on Tuesday, August 6, the nine spot Ethereum ETFs saw net inflows of $98.4 million. This was more than double the amount of money that came in the day before. The most money came into BlackRock’s ETHA fund, which now has more than $850 million. It received $109.9 million.
The Fidelity FETH fund also got $22.5 million, which is a lot of money. Inflows of $4.7 million came into Grayscale’s small ETH ETFs and $1 million came into Franklin Templeton’s EZET.
But Grayscale’s ETHE fund kept losing money. On Tuesday, $39.7 million was taken out, bringing the total amount taken out since the fund’s launch in the U.S. on July 23 to $2.2 billion. For the rest of the spot ETH ETFs, no trades were seen.
Ethereum ETFs Trading Volume Drops
SoSoValue said that spot Ethereum ETFs traded for $319.8 million on August 6. This was less than the $715.2 million that traded on August 5 and the $438.6 million that traded on August 2.
On the other hand, net outflows of $148.6 million occurred in 11 spot Bitcoin ETFs on August 6, following the earlier trend. The Fidelity Wise Origin Bitcoin Fund ETFs lost the most funds, $64.5 million. The Grayscale Bitcoin Trust lost $32.2 million, the ARK 21Shares Bitcoin ETF lost $28.9 million, and Franklin Bitcoin lost $23 million.
Fear, confusion, and doubt (FUD) in the market kept the other spot BTC ETFs from moving. The total amount of money that changed hands every day for these Bitcoin ETFs was $2.20 billion on August 6. This was down from $5.24 billion on August 5 and $2.34 billion on August 2. Right now, Bitcoin spot ETFs are worth $51.5 billion all together.
According to new data, $528 million left digital asset investment goods last week, ending four weeks of growth. Fears of a possible U.S. recession, global tensions, and large-scale asset sales are all linked to the downturn.
Due to the lowering of the yen against the U.S. dollar, the Bank of Japan raised interest rates for the first time in 17 years. This made the market even more nervous, which caused many people to sell their stocks. Market anxiety has also grown because of rising tensions in the Middle East, especially between Israel and its neighbors.
According to CoinGecko, the world crypto market capitalization has gone up by 2% in the last 24 hours, to $2.02 trillion. Bitcoin has risen from the $55,000 area and is now selling at $57,115. Its market value is now over $1.1 trillion, and $46 billion is traded every day. A major alternative coin called Ethereum went up by 1.2% in the past 24 hours and is now worth $2,518.
