On Wednesday, July 24, the crypto market saw a significant shift in investment flows between Bitcoin and Ethereum ETFs.
Crypto investors shifted their focus away from Ethereum ETFs on Wednesday as Ether ETFs saw outflows of $133.3 million, a stark contrast to the positive flows seen by Bitcoin ETFs.
The total ETF outflows for the day amounted to $133.3 million. However, breaking down the flows reveals that while Ether ETFs saw outflows, the story was different for Bitcoin ETFs.
Spot Bitcoin ETF flows were positive with $44.5 million recorded. This was largely driven by BlackRock’s ETF which saw an impressive $66 million of inflows. Meanwhile, Fidelity’s FBTC took in a modest inflow of $1.4 million. Ark 21Shares’ ARKB also registered an influx of $3.3 million. On the other hand, Grayscale Bitcoin Trust (GBTC) faced $26.2 million of outflows.
The flows into Bitcoin ETFs come as the crypto saw a slight uptick in price on Wednesday, rising above $23,000 at one point. The price of Bitcoin has been relatively flat over the past week, hovering in a range between $22,000 and $23,000.
Meanwhile, Ether was trading down slightly on Wednesday, slipping below $1,700 at one point. The second-largest crypto by market cap saw a strong start to the week, rising past $1,750 on Monday. However, Ether’s price has since corrected slightly, giving up some of those gains.
The outflows from Ether ETFs could be attributed to the fading hype around the recently launched Ether ETFs. Several Ether ETFs began trading on Monday, sparking excitement among investors. However, as the initial buzz dies down, so too do the investment flows.
Despite the outflows from Ether ETFs, the total ETF outflows for the day were relatively minor. This suggests that investors are still largely optimistic on crypto and are continuing to pour money into the asset class.
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