Bitcoin ETFs hold inflows by string, Ethereum’s outflows start again

Spot Bitcoin and Ethereum exchange-traded funds in the US have posted weak results this week as market sentiment has been dominated by bears.

According to data from Farside Investors, spot Bitcoin (BTC) ETFs recorded net inflows of nearly $300,000 yesterday, July 31. BlackRock’s iShares Bitcoin Trust (IBIT) saw inflows of $21 million, continuing its third consecutive month with no outflows.

Grayscale launched its spot Bitcoin Mini Trust, ticker BTC, on the NYSE Arca on July 31. The fledgling ETF saw $18 million in inflows on its first day. However, inflows into those two ETFs were offset by outflows from Fidelity’s FBTC, Bitwise’s BITB, and Ark 21Shares’ ARKB, totaling $38.7 million. The remaining investment products remained neutral.

According to data from Farside Investors, spot Ethereum (ETH) ETFs saw net outflows of $77.2 million on July 31. As expected, the outflows came from Grayscale’s $133.3 million ETHE fund, which has recorded net outflows of $1.97 billion since its launch on July 23.

On the other hand, Grayscale’s Mini ETH fund saw inflows of $19.5 million yesterday. Fidelity’s FETH followed with $18.8 million inflows, while BlackRock’s ETHA fund saw just $5 million inflows. VanEck’s ETHV, Bitwise’s ETHW, and Ark 21Shares’ CETH ETFs also saw inflows of $4.8 million, $4.7 million, and $3.3 million, respectively. Invesco’s QETH and Franklin Templeton’s EZET were neutral.

The bearish trend around spot BTC and ETH ETFs comes as the broader cryptocurrency market is trending lower. According to data from CoinGecko, global crypto market capitalization has fallen by 3.1% in the past 24 hours and currently stands at $2.41 trillion.

Bitcoin is down 3.2% in the last 24 hours and is trading at $64,275 at the time of writing. Ethereum is down 4.6% in the last day and is currently changing hands at $3,170.