Bitcoin, Ethereum ETFs take different paths amid market correction

Spot Bitcoin and Ethereum exchange-traded funds in the US started the week in different directions as the frontier cryptocurrency market faced corrections.

According to data provided by Farside Investors, spot Bitcoin (BTC) ETFs recorded net inflows of $124.1 million by the end of the trading day on Monday, July 29. All of the inflows for the day, $205.6 million, came into BlackRock’s iShares Bitcoin Trust (IBIT).

Grayscale Bitcoin Trust (GBTC) continued its downward movement yesterday with a $54.3 million outflow loss. Bitwise Bitcoin ETF (BITB) and Fidelity Wise Origin Bitcoin Fund (FBTC) also saw outflows of $21.3 million and $5.9 million, respectively.

The remaining spot BTC ETFs remained neutral.

Ethereum ETFs start the week with net outflows

According to Farside’s data, spot Ethereum (ETH) ETFs recorded a net outflow of $98.3 million yesterday, kicking off the second week of trading for new investment products.

As Crypto.news previously reported, Grayscale Ethereum Trust (ETHE) was the only ETH ETF to see outflows, as it was in the first week of Ethereum ETF trading, losing $210 million on July 29. Overall, ETHE has seen net outflows of $1.72 billion since launch. The data shows that BlackRock’s ETHA saw inflows of $58.2 million — helping push the total inflows since launch past the $500 million mark.

Additionally, Fidelity’s FETH, VanEck’s ETHV, and Bitwise’s ETHW also recorded double-digit inflows of $24.8 million, $10.9 million, and $10.4 million, respectively.

Grayscale’s low-fee Ethereum ETF Ethereum Mini Trust (ETH) and Franklin Templeton’s EZET saw inflows of $4.9 million and $2.5 million, respectively, yesterday.

The divergent momentum in spot BTC and ETH ETFs comes after the global cryptocurrency market capitalization saw a 3.3% decline in the past 24 hours, according to data from CoinGecko.

Bitcoin is down 4% and is trading at $66,600 at the time of writing. Ethereum has witnessed a 1.3% correction in the last one day and is currently changing hands around $3,340.