Spot Bitcoin exchange-traded funds (ETFs) saw net inflows of $124.1 million at the end of trading on Monday, July 29. This is a significant milestone in the cryptocurrency business world. According to figures from Farside Investors, all $205.6 million that came in today was put into BlackRock’s iShares Bitcoin Trust (IBIT).
On the other hand, a lot of money was left in other Bitcoin ETFs. There was a loss of $54.3 million in the Grayscale Bitcoin Trust (GBTC). There were also losses of $21.3 million and $5.9 million in the Bitwise Bitcoin ETF (BITB) and the Fidelity Wise Origin Bitcoin Fund (FBTC). The remaining spot BTC ETFs stayed the same, with no significant amounts coming in or going out.
Ethereum ETF Trends Diverge
A new trend showed up in the Ethereum ETF market. Net outflows of $98.3 million were seen in spot Ethereum ETFs at the start of the second trading week for these new financial products. A large amount of money left the Grayscale Ethereum Trust (ETHE) on July 29. This was similar to what happened the previous week. The total amount of money that has left ETHE since it began is $1.72 billion.
BlackRock’s ETHA, on the other hand, posted inflows of $58.2 million, bringing its total since launch to over $500 million. Besides Fidelity’s FETH, VanEck’s ETHV, and Bitwise’s ETHW, other Ethereum ETFs saw positive gains of $24.8 million, $10.9 million, and $10.4 million, respectively. In addition, $4.9 million and $2.5 million came into Grayscale’s lower-fee Ethereum Mini Trust (ETH) and Franklin Templeton’s EZET.
The different performance of Bitcoin and Ethereum ETFs is happening at the same time as a pullback in the market as a whole. CoinGecko says that the value of all cryptocurrencies on the market fell by 3.3% in the last 24 hours. Bitcoin dropped by 4% and is now worth $66,600. Ethereum, on the other hand, dropped by 1.3% and is now worth around $3,340.
