Bitcoin ETFs still see strong inflows as Ethereum ETF exodus continues

Bitcoin ETFs located in the US recorded an aggregate inflow of $202.6 million on Monday, August 26, according to preliminary data from Farside Investors.

This is the second biggest day of inflows of the month and the eighth consecutive day in the green for investment products.

Additionally, 12 of the last 14 trading days have seen positive flows for Bitcoin ETFs on the spot, even though the underlying asset has failed to move higher.

Bitcoin ETFs are still popular

The BlackRock iShares Bitcoin Trust (IBIT) led the pack with its biggest daily inflow since July 22 with inflows of $224 million. The Franklin Bitcoin ETF ( EZBC ) and the WisdomTree Bitcoin Fund ( BTCW ) were the only other two funds to see net inflows of $5.5 million and $5.1 million, respectively.

The Fidelity, Bitwise and VanEck ETFs had a combined net outflow of $32 million. Meanwhile, Grayscale’s two ETFs, GBTC and BTC, had zero net flows for the day.

Bitcoin ETF Flow (Millions of US Dollars) – 2024-08-26

TOTAL NET HORSEPOWER: 202.6

IBIT: 224.1
FBTC: -8.3
BITB: -16.6
ARKB: 0
BTC: 0
EZBC: 5.5
BRRR: 0
HODL: -7.2
BTCW: 5.1
GBTC: 0
BTC: 0

For full details and disclaimers visit: https://t.co/Wg6Qpn0Pqw

— Farside Investors (@FarsideUK) August 27, 2024

The entries came amid a 6.5% surge in BTC as prices hit $65,150 over the weekend and into Monday before beginning to pull back today.

Institutional flows of global crypto products have also turned positive. Asset manager CoinShares reported that digital asset investment products saw weekly inflows worth $533 million last week.

The moves were catalyzed by a dovish pivot from the US central bank, with Federal Reserve Chairman Jerome Powell all but confirming that the first interest rate cut since March 2020 is likely to come in September.

The exodus from Ethereum ETFs continues

However, the same bullishness cannot be seen with US spot Ethereum ETFs, which saw their eighth consecutive day of outflows on Monday.

About $13.2 million exited Ethereum ETFs, with the majority leaving Grayscale’s ETHE fund. Fidelity and Franklin also saw smaller outflows, with the rest posting zero flows for the day.

Grayscale has lost $2.5 billion in assets under management from its ETHE fund, but that was expected, and the outflows are unlikely to be over yet.

The continued exodus comes despite ETH prices rebounding to their highest levels since the August 5 weekend crash at $2,800. However, the asset has since pulled back, falling 1.8% on the day to $2,685 at the time of writing.

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