Bitcoin exchange-traded funds (ETFs) experienced a significant outflow of $81.4 million on August 14th, according to data from Farside. While the overall market saw withdrawals, BlackRock’s IBIT ETF stood out as a rare exception, continuing its impressive performance since launch with only one outflow recorded to date.
The contrasting fortunes of major ETF issuers were evident. Fidelity’s FBTC and Bitwise’s BITB faced outflows of $18 million and $5.8 million respectively. Ark’s ARKB and Grayscale’s GBTC also experienced withdrawals, losing $6.8 million and a substantial $56.9 million. Despite these setbacks, the cumulative inflows into Bitcoin ETFs since their inception have reached a substantial $17.3 billion.
A notable development in the crypto landscape is BlackRock’s iShares overtaking Grayscale’s GBTC as the largest digital asset fund by total assets under management. iShares now boasts a substantial $22.0 billion, surpassing Grayscale’s $20.7 billion. This shift underscores BlackRock’s growing dominance in the ETF market and its appeal to investors seeking exposure to Bitcoin.
Also Read: Ethereum ETF Gold Rush – BlackRock’s ETHA Dominates With $950M Inflows
In a separate trend, Ethereum ETFs bucked the Bitcoin outflow trend, attracting a net inflow of $10.8 million. BlackRock’s ETHA ETF led the charge with an inflow of $16.1 million, while Grayscale’s ETHE saw reduced outflows of $16.9 million.
These developments highlight the evolving dynamics within the cryptocurrency ETF space. While Bitcoin faced headwinds, Ethereum exhibited resilience. BlackRock’s consistent performance and growing market share underscore its position as a dominant player in the industry. As the market continues to mature, investors will closely watch these trends to gauge the overall sentiment towards cryptocurrencies.
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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