U.S. spot bitcoin exchange-traded funds (ETFs) faced another tough day, with all 12 funds experiencing outflows totaling $120.76 million. Meanwhile, the nine spot ethereum ETFs saw a different story, pulling in $3.06 million during the trading session.
Ether ETFs Buck the Trend: How Much Did They Pull in While Bitcoin ETFs Struggled?
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Bitcoin ETFs Tumble, Ether Funds Walk Away Unscathed
Thursday proved challenging for bitcoin ETFs, with no gains in sight, as half of the funds reported outflows. Fidelity’s FBTC took the hardest hit, losing $33.79 million, followed by Ark Invest and 21shares’ ARKB, which dropped $30.3 million. Grayscale’s Bitcoin Mini Trust was also among the top losers, shedding $20.16 million, while GBTC saw $18.52 million exit its coffers.
Rounding out the losses, Blackrock’s IBIT fell by $10.83 million, and Bitwise’s BITB followed with a $6.16 million decline. These outflows bring the total net inflows since Jan. 11 to $18.55 billion. According to sosovalue.xyz stats, $1.36 billion was traded among the 12 funds, which now collectively hold $55.15 billion in BTC, representing 4.67% of bitcoin’s market cap as of today, Oct. 11, 2024.
In contrast, ethereum ETFs had a positive day, pulling in a total of $3.06 million. The biggest winner was Blackrock’s ETHA, which brought in $17.85 million. Grayscale’s Ethereum Mini Trust followed with $3.34 million in inflows. However, not all ether funds saw gains—Grayscale’s ETHE lost $10.37 million, and Bitwise’s ETHW shed $4.23 million.
Additionally, Fidelity’s FETH saw a $3.54 million outflow. Despite Thursday’s modest increase, the nine ether ETFs have experienced cumulative net outflows of $558.79 million since July 23. Around $131.46 million was traded across these funds, which currently hold $6.47 billion in ETH reserves, accounting for 2.27% of ether’s total market cap.
What do you think about the crypto ETF market action on Thursday? Share your thoughts and opinions about this subject in the comments section below.
