The cryptocurrency market is experiencing significant changes in Bitcoin and Ether ETFs. Recent data reveals that Bitcoin ETFs faced the second-largest outflows, while Ether ETFs concluded their best run in 20 days.
Bitcoin ETFs Outflows
On Friday, Bitcoin exchange-traded funds (ETFs) recorded outflows totaling $812.25 million, marking the second-largest single-day loss in the history of these products. This drawdown pushed cumulative net inflows down to $54.18 billion, representing 6.46% of Bitcoin's market capitalization. Leading the outflows was Fidelity's ETF with $331.42 million, followed by ARK Invest, which saw $327.93 million in redemptions. Grayscale also lost $66.79 million, while BlackRock posted a relatively insignificant loss of $2.58 million.
End of Ether ETFs Inflows
On the other hand, Ether ETFs ended their longest inflow streak to date with a $152.26 million outflow after 20 consecutive trading days of net inflows. Total assets under management now stand at $20.11 billion, or 4.70% of Ether's market cap. Grayscale led the losses with $47.68 million, while Bitwise followed with a drop of $40.30 million, and Fidelity's ETF saw outflows of $6.17 million. Trading volume across Ethereum ETFs remained active, totaling $2.26 billion.
Increased Demand for Ether
A recent report from Standard Chartered revealed that corporations are now acquiring Ether at twice the rate of Bitcoin. Since early June, crypto treasury firms have acquired around 1% of Ethereum's total circulating supply. This accumulation, combined with steady inflows into U.S. spot Ether ETFs, has been a key driver behind Ether's recent price rally, potentially pushing it above the $4,000 mark by the end of the year.
In conclusion, despite the sharp declines in Bitcoin ETFs and the end of positive inflows for Ether ETFs, overall interest in cryptocurrency markets remains high, suggesting new opportunities for both assets.
