In a notable turn of events, U.S. spot bitcoin exchange-traded funds (ETFs) saw a substantial rebound in net inflows on Tuesday, totaling $116.96 million. This marks a significant shift from an eight-day streak of negative flows that had plagued the funds. The resurgence in inflows offers a glimmer of optimism amid a period of subdued trading activity.
Leading the charge, Fidelity’s FBTC emerged as the top performer, drawing in $63.16 million, maintaining its position of prominence from Monday. Grayscale’s Bitcoin Mini Trust followed suit with $41.13 million in inflows, while Ark Invest and 21Shares’ ARKB secured $12.68 million. Despite the overall positive trend, BlackRock’s IBIT, along with eight other funds, recorded zero daily flows. Notably, IBIT has not seen net inflows since August 26, reflecting a stark contrast to the day’s general trend.
Trading volumes for the 12 bitcoin ETFs totaled $712.27 million on Tuesday, a significant drop from the usual range of $1 billion to $2 billion. This figure represents the third lowest daily trading volume since the funds’ inception, with the previous low occurring on February 6. Despite this, the bitcoin ETFs have accumulated a commendable $17.04 billion in net inflows to date.
In parallel, spot Ethereum ETFs also experienced a positive shift, ending a five-day outflow streak with net inflows of $11.44 million. This marks the first instance of net inflows for ether ETFs since August 28. Fidelity’s FETH led this recovery with $7.13 million, followed by BlackRock’s ETHA with $4.31 million. The remaining seven ether funds recorded no flows on Tuesday. Total daily trading volume for these nine ETFs was $102.87 million, a decline from Monday’s $124.51 million, with cumulative net outflows standing at $562.06 million.
Amid these ETF movements, both bitcoin and ether experienced minor price declines. Bitcoin fell by 0.53%, trading around $56,296, while ether dipped 0.61% to $2,323. The fluctuations in crypto prices occurred against the backdrop of heightened market activity related to the first presidential debate between Kamala Harris and Donald Trump.
Also Read: Bitcoin Skyrockets 118% In 2024 – What’s Next For The Crypto King?
Looking ahead, market participants are bracing for key economic data releases, including the U.S. consumer price index on Wednesday and the producer price index on Thursday. These upcoming reports are likely to influence market sentiment and provide further clarity on economic conditions impacting the cryptocurrency sector.
As the bitcoin and Ethereum ETF landscape evolves, investors will be keenly observing these trends and economic indicators to gauge future movements in the crypto market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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