BlackRock Leads Bitcoin ETF Inflows with $86.8M

On August 23, 2024, significant changes were observed in the US exchange-traded funds (ETFs) market, particularly concerning Bitcoin (BTC) and Ethereum (ETH).

On August 23, there were significant changes in the US exchange-traded funds (ETFs) market, especially concerning Bitcoin (BTC) and Ethereum (ETH).

According to Spot On Chain, Bitcoin ETFs saw a substantial inflow of $252 million. On the other hand, Ethereum ETFs experienced an outflow of $5.7 million.

BlackRock Leads Bitcoin ETF Inflows with $86.8M

Leading the Bitcoin ETF inflows was BlackRock (IBTIT). It attracted the largest single amount with $86.8 million. These investments increased in tandem with an impressive rise in the price of Bitcoins, indicating a return of investor confidence.

All the five US Bitcoin ETFs registered in the inflows of more than $20 million on the same day, indicating a sustained demand for BTC amid positive market signals.

This week, Bitcoin ETFs were a net recipient of $506 million, with no days of outflows, indicating an additional positive overall sentiment in Bitcoin as investors continued to top up their investments in these funds.

However, the Ethereum ETFs faced a different fate. The outflow for Ethereum ETFs as of August 23 was $5.7 million, showing that there is less buying pressure for ETH. The largest outflow was from Grayscale, which is involved in the Ethereum ETFs and withdrew $9.8 million.

This week proved to be rather unkind to Ethereum ETFs, with a total net outflow of $44.5 million for the week and negative flows each day.

A comparison of Bitcoin and Ethereum ETF paints a picture of varying investor sentiments. In this regard, Bitcoin products enjoyed reinforcing inflows and a growing investor interest. In contrast, the Ethereum ETFs failed to attract investments with this outflow indicating the existing obstacles for the Ethereum market.

Analyzing the latest flow data, reported by Spot On Chain of ETFs, it is possible to observe changes in the tendencies in the sphere of cryptocurrencies. Indeed, the current trend of a strong Bitcoin performance accompanied by massive inflows basically negate Ethereum’s challenges, which indicates that the current investors’ preference is with Bitcoin. Such tendencies show the dynamics of the cryptocurrency investment market and the responses of investors to the operations on the key digital currencies

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