Recent days have seen a significant decline in Bitcoin ETFs, while Ethereum ETFs demonstrate consistent inflows. Economic factors are influencing the digital asset market.
Current Situation with Bitcoin ETFs
The U.S. spot Bitcoin ETFs continue to experience a consistent decline for the fourth straight day. On August 5 alone, Bitcoin ETFs lost $196 million. Fidelity’s FBTC led the outflows with nearly $100 million. BlackRock’s IBIT reported outflows of $77.42 million, while Grayscale’s GBTC posted $19.65 million in withdrawals. Over the past week, Bitcoin ETFs experienced $643 million in outflows.
Positive Trends in Ethereum ETFs
In contrast to Bitcoin, Ethereum ETFs saw inflows totaling $73.22 million. The primary driver was BlackRock’s ETHA, which absorbed nearly $89 million. July turned out to be a record month for Ethereum ETFs, gaining $5.43 billion. Recently, ETH along with VanEck ETHV and 21Shares’s CETH reported positive results despite withdrawals from Grayscale’s ETHE.
Global Trends in Crypto ETFs
Globally, there is a growing interest in crypto ETFs. Japan’s SBI Holdings has filed for the listing of two crypto ETFs. One will have direct exposure to Bitcoin and XRP, while the other will combine gold-backed securities with digital assets. If approved, this could set a precedent for crypto ETFs in Asia.
The cryptocurrency market continues to experience fluctuations, with Bitcoin ETFs declining and growing interest in Ethereum ETFs. Economic conditions and new initiatives on the global stage may influence the future direction of this sector.
