ETH ETFs Overcome Four-Day Outflow Streak as BTC ETFs Record Outflows
The post ETH ETFs Overcome Four-Day Outflow Streak as BTC ETFs Record Outflows appeared on BitcoinEthereumNews.com.
US ETH ETFs finally broke their streak of four-day losses, recording inflows on Tuesday. They brought in collective net inflows of $33.67 million, marking only the second day of net inflows since launch. The first time was the day they debuted. BlackRock’s ETHA drew $117.98 million, Fidelity’s FETH $16.36 million, Franklin Templeton’s EZET $3.73 million, and Bitwise’s ETHW $3.52 million. Grayscale’s Mini Ethereum Trust (ETH) saw $12.36 million flowing in, while its Ethereum Trust (ETHE) registered net outflows of $120.28 million. The funds issued by VanEck, 21Shares, and Invesco did not observe inflows or outflows. On the BTC side, Grayscale’s IBIT ETF was ahead of its competitors in net outflows observed, leading the pack by $73.6 million. ETFs managed by Fidelity, Bitwise, VanEck, and Ark/21Shares also recorded net outflows ranging from $2.88 million to $7.88 million. BlackRock’s IBIT was the only fund to observe net inflows, bringing in $74.87 million. The others neither saw inflows nor outflows. With that, US BTC ETFs registered net outflows of $18 million after a four-day inflow streak, with single-day net inflows rising to the hundreds of millions. The outflows began with BTC shedding losses from the weekend. It rose to over $69,000 as Trump took center stage at BTC 2024. However, the largest cryptocurrency’s price dropped on Monday as the US Marshals Service transferred about $2 billion worth of the asset to two wallets, spurring liquidation rumors and adding selling pressure. BTC fluctuates slightly above the $66,000 mark at press time. Traders embrace further volatility as the US markets prepare for major technology firms in the US (Apple, Amazon, Meta) to release their earnings reports this Thursday. Other macroeconomic events that will cause BTC price volatility include Wednesday’s FOMC meeting and Friday’s unemployment data announcement. Source: https://www.livebitcoinnews.com/eth-etfs-overcome-four-day-outflow-streak-as-btc-etfs-record-outflows/
Filed under: News - @ August 1, 2024 3:16 pm