Exchange-traded funds (ETFs) tracking Bitcoin are experiencing reduced popularity amid declining investor interest. While Bitcoin displays uncertainty, Ethereum ETFs continue to show strong results.
Outflows from Bitcoin ETFs
According to SoSoValue, U.S.-listed Bitcoin ETFs saw net outflows of $86 million on July 23. This marks the third consecutive day of losses after a 12-day inflow streak. Fidelity's fund (FBTC) led the pack with an outflow of $227.2 million, while ARK and Bitwise saw smaller losses of $9.8 million and $1.9 million, respectively. Conversely, BlackRock's ETF (IBIT) bucked the trend with inflows of $142.6 million, partially offsetting overall declines.
Current Status of BTC
Currently, Bitcoin is trading around $117,741, about 4.3% below its record high of $123,000. Analysts suggest that despite the slight slowdown, Bitcoin may regain upward momentum. Rekt Capital noted that Bitcoin's current state appears more like a "healthy breather" rather than a full reversal. "Bitcoin will retrace deep enough to convince you that the Bull Market is over. And then it will resume its uptrend," the analyst mentioned.
Growth of Ethereum ETFs
Meanwhile, Ethereum ETFs are thriving. On the same day, ETH-linked ETFs logged $331 million in inflows, marking their 15th consecutive day of gains. BlackRock's fund (ETHA) led the recovery after months of underperformance, contributing to a total of over $4.44 billion in recent inflows.
Overall, while Bitcoin ETFs face less optimistic sentiment, Ethereum showcases impressive results which attract investor interest.
