Spot Bitcoin ETFs have once again taken the lead in the cryptocurrency market, with net inflows reaching $27.87 million on August 12th. This marks a significant reversal from the $45.14 million outflows recorded just days before on August 9th. The surge in inflows has left spot Ethereum ETFs trailing far behind, highlighting the ongoing dominance of Bitcoin in the crypto investment space.
According to data from SoSoValue, the 12 spot Bitcoin ETFs in the United States began the week with a strong showing. ARK 21Shares’s ARKB led the pack with an impressive $35.4 million in inflows. Since its launch, ARKB has amassed a total of $2.45 billion, further solidifying its position as a leading investment vehicle in the crypto market. BlackRock’s IBIT also posted solid numbers, with $13.4 million in inflows, marking the only ETF to record inflows for two consecutive days. On the other hand, Grayscale’s Bitcoin mini trust fund saw the least amount of interest, bringing in just $7.9 million.
Despite these strong performances, not all Bitcoin ETFs had a positive day. Grayscale’s GBTC, a well-known player in the market, saw $11.8 million in outflows, adding to its total outflow of $19.46 billion since its inception. The other ETFs on the list saw no net flows on that day. Trading volume across all spot Bitcoin ETFs reached $1.3 billion, slightly above the $1.27 billion recorded on August 12th. Cumulative net inflows into spot Bitcoin ETFs now stand at $17.37 billion, showcasing the ongoing investor confidence in Bitcoin.
Spot Bitcoin ETFs Dominate Over Ethereum ETFs
While spot BTC ETFs enjoyed a strong influx of funds, the same cannot be said for spot Ethereum ETFs. On the same day, the nine spot Ethereum ETFs saw much smaller net inflows, totaling just $4.93 million. This small gain marked the end of a three-day streak of net outflows, highlighting the relative weakness of Ethereum-based ETFs compared to their Bitcoin counterparts.
Fidelity’s FETH led the Ethereum ETF market with $4 million in inflows. Following closely behind were Bitwise’s ETHW and Franklin Templeton’s EZET, which brought in $2.9 million and $1 million, respectively. However, not all was positive for Ethereum ETFs. VanEck’s ETHV experienced its first day of outflows since its launch, with $2.9 million leaving the fund. The other Ethereum ETFs remained neutral, with no significant inflows or outflows recorded.
Despite the smaller inflows, trading volume for Ethereum ETFs jumped to $285.96 million, a notable increase that reflects ongoing investor interest. However, the overall picture remains bleak for Ethereum ETFs, with cumulative net outflows standing at $401.01 million to date.
Spot Bitcoin ETFs Continue to Outperform
As of now, Bitcoin is trading at $59,105, while Ethereum is valued at $2,641. The stark contrast in inflows between spot BTC ETFs and spot Ethereum ETFs underscores Bitcoin’s continued dominance in the market. Investors are clearly favoring Bitcoin as the more stable and reliable asset, especially in the volatile world of cryptocurrencies.
The inflows into spot Bitcoin ETFs not only demonstrate investor confidence but also highlight the growing demand for Bitcoin as an investment vehicle. As spot BTC ETFs continue to outperform their Ethereum counterparts, it is clear that cryptocurrencies through regulated financial products.
Spot Bitcoin ETFs Keep Leading the Way
In conclusion, the latest data shows that spot Bitcoin ETFs are continuing to attract significant investor interest, with inflows far surpassing those of Ethereum ETFs. As the market for cryptocurrency ETFs evolves, Bitcoin remains the preferred asset for investors seeking stability and growth. The recent inflows into spot BTC ETFs serve as a testament to Bitcoin’s enduring appeal and its position as the leader in the crypto world.
Stay tuned to DeyThere for more updates on the ever-changing world of cryptocurrencies. Spot Bitcoin ETFs are just one part of the story, and we’re here to keep you informed every step of the way.
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