A shift in investor sentiment is evident as Bitcoin exchange-traded funds (ETFs) in the U.S. experienced a resurgence on Wednesday, attracting a net inflow of $45.14 million. This marks a reversal from the previous three trading days which saw a collective outflow of $554 million from these funds.
Leading the charge was BlackRock’s IBIT, which garnered a substantial $52.52 million in inflows. WisdomTree’s BTCW also saw significant growth, recording its largest net inflow to date at $10.5 million. Other notable contributors included Grayscale’s Bitcoin Mini Trust and Bitwise’s BITB, with inflows of $9.71 million and $3 million respectively. However, not all Bitcoin ETFs were in the green, as Grayscale’s converted GBTC fund experienced outflows of $30.58 million.
In contrast, Ethereum ETFs took a downturn, with a collective net outflow of $23.68 million. Grayscale’s ETHE was the primary driver of these outflows, shedding $31.86 million. While Fidelity’s FETH and funds from Bitwise and Franklin Templeton managed to attract some inflows, the overall trend for Ethereum ETFs was negative.
Daily trading volume for Bitcoin ETFs reached $1.79 billion on Wednesday, compared to $2.2 billion the previous day. Since their January launch, these funds have accumulated a total net inflow of $17.23 billion. Ethereum ETFs, on the other hand, have seen a net outflow of $387.35 million since their listing on July 23, with a daily trading volume of $322.85 million on Wednesday.
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Bitcoin’s price dipped 0.57% to $56,943.41, while Ethereum fell by 3.67% to $2,431.81 in the past 24 hours.
The contrasting fortunes of Bitcoin and Ethereum ETFs highlight the evolving dynamics within the cryptocurrency market. As investor sentiment continues to fluctuate, the performance of these financial instruments will be closely watched by market participants.
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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