While U.S. spot ether exchange-traded funds (ETFs) experienced outflows on Wednesday, bitcoin ETFs saw inflows totaling $44.51 million. Blackrock’s IBIT led with gains of $65.99 million, followed by Ark Invest’s and 21shares’ ARKB with $3.29 million.
US Bitcoin ETFs Draw $44.51M in Inflows; GBTC Sees Another Round of Outflows
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While Blackrock Captures Nearly $66M, Grayscale Outflows Weigh in Again
During Wednesday’s trading sessions, U.S. spot bitcoin ETFs accumulated $44.51 million. These gains have increased the total inflows for the 11 funds to $17.5 billion since Jan. 11, 2024. The day recorded around $1.5 billion in trade volume, according to metrics from sosovalue.xyz. Blackrock’s IBIT attracted approximately $65.99 million, holding 337,035.76 BTC valued at $21.77 billion based on Thursday’s rates. Additionally, IBIT’s stats for July 24 indicate it has around 315,855.66 in cash.
Ark Invest’s and 21shares’ ARKB gained $3.29 million on Wednesday, with Fidelity’s FBTC following with $1.44 million. The smaller inflows compared to Blackrock are attributed to Grayscale’s GBTC outflows, which divested $26.22 million on Wednesday. Three funds gained, while seven remained neutral.
GBTC has been a significant source of outflows for BTC ETFs, and its Ethereum Trust (ETHE) shows similar trends. Despite eight of the nine ETH ETFs receiving inflows on Wednesday, GBTC’s outflows dominated, resulting in negative cumulative net inflows.
Despite the bitcoin outflows, the group of funds collectively holds $60.11 billion. Moreover, Grayscale’s BTC fund remains the second largest under Blackrock’s IBIT, and ETHE is still the largest ETH ETF by reserves, having started in 2017 as an over-the-counter (OTC) trust. The OTC nature, however, led to fluctuations between premiums and discounts to net asset value (NAV) since its inception.
What are your thoughts on the diverging trends between bitcoin and ether ETFs—do you see this pattern continuing, or will the market dynamics shift in the coming months? Share your thoughts and opinions about this subject in the comments section below.
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