Bitcoin and Ethereum ETFs see first joint positive inflows since Ether ETF launch

Spot Bitcoin and Ethereum exchange-traded funds in the US saw joint positive inflows on August 1 for the first time since the launch of nine spot Ether ETFs on July 23.

Bitcoin ETFs receive $50.6 million inflow

According to data from Farside Investors, 11 spot Bitcoin ETFs recorded net inflows of approximately $50.6 million on August 1, led by Grayscale’s newly launched Grayscale Bitcoin Mini Trust, which alone recorded a significant inflow of $191.1 million.

Blackrock’s IBIT followed with a more modest inflow of $25.9, continuing its third consecutive month without any outflows. Meanwhile, Grayscale’s GBTC saw the most significant net outflow among competing products, at $71.3 million.

Fidelity’s FBTC followed with net outflows of $48.4 million, Ark and 21Shares’ ARKB with $22.4 million, Bitwise BITB with $20.7 million, and VanEck’s HODL with $3.6 million. The remaining Bitcoin ETFs were neutral.

According to SoSoValue data, the total daily trading volume of such spot Bitcoin ETFs stood at $2.91 billion on Thursday, August 1. This figure is much higher than the $1.37 billion recorded on Tuesday, July 30 and Wednesday, July 31.

Ethereum ETFs also recorded positive inflows of $26.7 million

Despite cumulative outflows from Grayscale’s Ethereum Trust (ETHE) exceeding $2 billion, daily net inflows into nine U.S. spot Ethereum ETFs remained positive.

Ethereum ETFs recorded net inflows of $26.7 million on August 1, with BlackRock’s iShares Ethereum Trust leading the way with inflows of $89.6 million, according to Farside Investors data.

Grayscale’s Ethereum Trust saw $78 million in outflows on the same day, bringing total outflows since the fund converted to a spot fund to over $2 billion. Unlike the other eight spot Ethereum ETFs that launched on July 23, ETHE was initially a trust offering exposure to institutional investors (ETH) and was converted to a spot ETF on the same date.

ETHE held $9 billion worth of Ethereum prior to its conversion, and recent outflows suggest that 22% of the initial funding has been sold.

Meanwhile, on August 1, Fidelity’s FETH and Bitwise’s ETHW recorded inflows of $11.7 million and $3.4 million respectively, while the remaining Ethereum ETFs did not experience any inflows on the same day.

According to data from SoSoValue, the total daily trading volume of such spot Ethereum ETFs stood at $331.11 million on Thursday, August 1. This figure is lower than the $472.5 million recorded on Wednesday, July 31, and the $563.22 million recorded on Tuesday, July 30.

Steno Research senior analyst Mads Eberhardt predicted in a July 29 post on X that significant outflows from Grayscale’s ETHE will likely taper off this week, a trend that appears to have already begun. “When that happens, it only increases from there,” Eberhardt noted.

At press time, Bitcoin (BTC) price is down around 0.2% to $64,200. Ethereum (ETH), the largest altcoin in the cryptocurrency market, is also down slightly by around 0.7% in the past day and is currently trading around $3,147.