Spot Bitcoin ETFs witness inflows of $11.11m, Ether ETFs break 3-day inflow streak

Spot Bitcoin exchange-traded funds in the US saw positive flows again, while spot Ethereum ETFs saw significant outflows, ending a three-day rising streak.

According to data from SoSoValue, a total of $11.11 million inflows were recorded across 12 US spot Bitcoin ETFs on August 15, ending a brief negative flow experienced the previous day.

Fidelity’s FBTC led the way with $16.2 million in inflows, followed by Grayscale’s Bitcoin mini trust and Biwise’s BITB, which saw $13.7 million and $6.2 million in inflows respectively. Grayscale’s GBTC was the only offering to see $25 million in outflows on the day, bringing its total net outflow since launch to $19.57 billion. The remaining seven Bitcoin ETFs reported no change in inflows or outflows on the day.

Spot Ether ETFs see significant outflows

In comparison, nine Ethereum ETFs collectively saw outflows of $39.21 million on Aug. 15, a departure from the previous daily inflows of $10.8 million and $24.3 million. Leading the way was Grayscale’s ETHE, which has accumulated $42.5 million in rolling outflows and $2.38 billion in total outflows since inception.

Meanwhile, Fidelity’s FETH and BlackRock’s ETHA saw modest inflows of $2.5 million and $0.8 million, respectively, during the day. The remaining seven Ethereum ETFs showed no significant activity. Despite these outflows, Ether ETFs saw a jump in trading volume, reaching $240.58 million, higher than the previous day. These funds saw cumulative net outflows of $405.11 million to date.

Leveraged funds attract investors’ attention

Meanwhile, the U.S. Securities and Exchange Commission recently greenlit the launch of a new leveraged fund, MSTX, by Defiance, a U.S.-based ETF issuer. The fund aims to provide investors with a 175% daily long position in MicroStrategy, allowing them to gain leveraged exposure to innovative companies without the need for a margin account.

HEAT WAVE: Here’s a look at the most volatile ETFs in the US and how they’re doing $MSTX is expected to start life at the top today. However, expect this “volatility barrier” to break in the future as issuers try to push the “hot sauce” envelope in particular. $MSTX finds an audience. picture.twitter.com/rQQJL3ZUL9

— Eric Balchunas (@EricBalchunas) August 15, 2024

MSTX generated $22 million in volume on its first day of trading, marking a new record, according to Bloomberg Senior ETF Analyst Eric Balchunas.

Despite this development and the introduction of another ETF, IBIT, the broader crypto market reacted lukewarmly. Most major cryptocurrencies were flat or posted minimal gains. Bitcoin (BTC) gained just 0.77%, while Ethereum (ETH) managed a lower 0.16%, according to data from crypto.news.

Bitcoin temporarily dropped below the $57,000 level but managed to climb to $58,442 at press time. Aptos (APT) and Celestia (TIA) took the biggest hit among the top ten by market cap on the daily timeframe, falling 4.9% and 3.8% respectively.

It remains to be seen whether the bulls or the bears will prevail, but analyst Rekt Capital noted in a post on X on August 15 that Bitcoin is currently retesting the bottom of its trading channel, which is support as indicated by a green circle on the chart. They also emphasized that maintaining price stability at this level could positively impact the cryptocurrency’s potential for future uptrend continuation.