Recent data indicates a first-time net outflow from U.S. Bitcoin ETFs in 15 days, coinciding with a surge in interest toward Ethereum.
Unexpected Outflows from Bitcoin ETFs
On July 1st, the net inflow streak of U.S. Bitcoin ETFs, which amounted to $4.7 billion over 15 days, ended with a net outflow of $342.2 million. According to SoSoValue’s data, BlackRock’s prominent IBIT fund, previously receiving a $3.8 billion inflow, reported zero activity. Fidelity’s FBTC led the withdrawals with $172.7 million, followed by Grayscale’s GBTC with $119.5 million, Ark Invest’s ARKB with $27 million, and Bitwise’s BITB with $23 million. BRN Chief Research Analyst Valentin Fournier emphasized that while these outflows indicate a pause in institutional accumulation, they do not signal a shift in the trend.
Ethereum Benefits from Bitcoin’s Pause
Meanwhile, on July 1st, U.S. spot Ethereum ETFs, launched in July 2024, recorded a net inflow of $40.7 million. BlackRock’s ETHA fund attracted $54.8 million. Consequently, the total net inflow for Ethereum-based investment products over three days reached $150 million, with cumulative net inflows since launch amounting to $4.3 billion.
Experts on the Future of Bitcoin and Ethereum
Amid increasing uncertainty over interest rates and upcoming macroeconomic data, experts believe that the pause in Bitcoin may attract short-term institutional interest in Ethereum. Meanwhile, Bitcoin fell below the $105,500 threshold but quickly rebounded to approximately $107,800. Analysts warn that until unemployment claims and other economic indicators are clarified, a cautious market outlook will persist.
Thus, the current events in the cryptocurrency market reflect significant changes in investor preferences, highlighting a dwindling interest in Bitcoin and increased inflows into Ethereum.
