Spot Ethereum ETFs record $98.4m inflows; Bitcoin ETFs shed $148.6m

While positive inflows continued into spot Ethereum exchange-traded funds in the US this week, spot Bitcoin ETFs experienced outflows for the second day in a row.

According to data from Farside Investors, there were net inflows of $98.4 million into nine spot Ethereum ETFs on Tuesday, August 6. This was more than double the inflows recorded the previous day.

The bulk of these inflows were directed to BlackRock’s ETHA fund, which reached $109.9 million, bringing its total inflows to over $850 million. Fidelity’s FETH fund also saw significant inflows of $22.5 million.

According to Farside Investors, Grayscale’s mini ETH ETFs and Franklin Templeton’s EZET recorded inflows of $4.7 million and $1 million respectively.

In contrast, Grayscale’s ETHE fund continued to experience outflows, with $39.7 million withdrawn on Tuesday. Since their U.S. launch on July 23, ETHE ETFs have seen a total of $2.2 billion in outflows. No inflows were recorded for the remaining spot ETH ETFs.

Data from SoSoValue showed that total daily trading volume for such spot Ethereum ETFs was $319.8 million on Tuesday, August 6. That’s less than half of the $715.2 million traded on Monday, August 5, and lower than the $438.6 million recorded on Friday, August 2.

Meanwhile, 11 spot Bitcoin ETFs experienced net outflows of $148.6 million on Tuesday, August 6, continuing the outflow trend seen earlier in the week.

According to data from Farside Investors, Fidelity Wise Origin Bitcoin Fund ETFs saw the highest outflow with $64.5 million.

Other notable outflows included $32.2 million from Grayscale Bitcoin Trust, $28.9 million from ARK 21Shares Bitcoin ETF, and $23 million from Franklin Bitcoin. The remaining spot BTC ETFs remained neutral as the cryptocurrency market was affected by fear, uncertainty, and doubt (FUD).

According to SoSoValue data, the total daily trading volume of the mentioned Bitcoin ETFs stood at $2.20 billion on Tuesday, August 6. This figure is significantly lower than the $5.24 billion recorded on Monday, August 5, and the $2.34 billion recorded on Friday, August 2.

The total value of Bitcoin spot ETFs currently stands at $51.5 billion. The latest data shows that digital asset investment products saw $528 million in outflows last week, the first decline after four weeks of consecutive growth.

The decline is attributed to rising fears of a possible recession in the US, as well as geopolitical tensions and the resulting mass liquidations across various types of assets.

Adding to market tensions, the Bank of Japan recently raised interest rates for the first time in 17 years amid concerns about the yen’s weakening purchasing power against the U.S. dollar. The move raised concerns in markets that favor riskier assets and led to widespread selling.

Additionally, rising tensions in the Middle East, particularly between Israel and its neighbors, have intensified market uncertainty. The possibility of further conflict has led affected countries to take precautionary measures.

According to data from CoinGecko, the global cryptocurrency market experienced a minor recovery, with its value increasing by 2% in the last 24 hours to $2.02 trillion.

Bitcoin (BTC) has also recovered from the $55,000 region and is currently trading at $57,115 at the time of writing. The price rally has pushed BTC’s market cap above the $1.1 trillion mark, with a daily trading volume of $46 billion. The largest altcoin, Ethereum (ETH), is also up 1.2% in the past 24 hours and is trading at $2,518 at the time of writing.