It was the first time since July 23, when nine spot Ether exchange-traded funds (ETFs) went live, that both spot Bitcoin and Ethereum ETFs saw money come in. This happened on August 1.
Based on information from Farside Investors, 11 spot Bitcoin ETFs saw a net inflow of about $50.6 million on August 1. Grayscale’s brand-new Bitcoin Mini Trust brought in the most funds, $191.1 million. BlackRock’s IBIT came in next with $25.9 million, which was its third month in a row with no losses.
On the other hand, $71.3 million left Grayscale’s GBTC, $48.4 million left Fidelity’s FBTC, $22.4 million left Ark and 21Shares’ ARKB, $20.7 million left Bitwise’s BITB, and $3.6 million left VanEck’s HODL. Some Bitcoin ETFs stayed the same.
Bitcoin ETF Trading Volume Soars
SoSoValue data shows that the total daily trading volume for these spot Bitcoin ETFs hit $2.91 billion on August 1. This is a significant increase from the $1.37 billion that was traded on July 30 and 31.
The nine U.S. spot Ethereum ETFs also saw positive entries, even though Grayscale’s Ethereum Trust (ETHE) lost more than $2 billion in total value. On August 1, $26.7 million came into Ethereum ETFs, with $89.6 million going into BlackRock’s iShares Ethereum Trust.
On the same day, $78 million left Grayscale’s ETHE, making a total of over $2 billion leave the fund since it became a spot fund. ETHE used to be a trust that gave institutions access to ETH. On July 23, it changed into a spot ETF.
Before the change, ETHE had $9 billion in Ethereum, which is a 22% drop. On August 1, $11.7 million came into Fidelity’s FETH and $3.4 million came into Bitwise’s ETHW. No money came into any other Ethereum ETFs. As of August 1, these spot Ethereum ETFs were selling for $331.11 million each day. This was down from $472.5 million on July 31 and $563.22 million on July 30.
On July 29, senior expert Mads Eberhardt of Steno Research said that outflows from Grayscale’s ETHE would slow down. This is already starting to happen. He said, “Once it does, it’s only up from there.”
Bitcoin’s price went down 0.2% to $64,200 right now, and Ethereum’s price went down 0.7% to $3,147.
