- SoSoValue data shows that on Tuesday, $49 million came into Fidelity’s FBTC.
- Contrarily, $30.3 million was drained from Grayscale’s GBTC.
On Tuesday, spot bitcoin exchange-traded funds in the US recorded net inflows, bringing in $31 million. This comes after eleven bitcoin funds saw net withdrawals for seven trading days in a row. SoSoValue data shows that on Tuesday, $49 million came into Fidelity’s FBTC, with Bitwise’s BITB following with $15 million. Additionally, $4 million was deposited into VanEck’s HODL.
Contrarily, $30.3 million was drained from Grayscale’s GBTC. Net withdrawals of $6 million were recorded by Ark Invest and 21Shares’ ARKB. Despite a daily transaction volume of $1.1 billion on Tuesday, the biggest spot bitcoin fund by net asset value, BlackRock’s IBIT, had nil flows. Zero flows were observed yesterday by other funds from Franklin Templeton, Valkyrie, Galaxy Digital, and Invesco.
All Eyes on Ethereum ETF Approval
By Tuesday, the eleven spot bitcoin funds that made their debut in January had amassed a net inflow of $14.42 billion. U.S. issuers, meantime, are hard at work launching spot ether ETFs, having received the SEC’s conditional clearance only last month. Last week, companies submitted revised S-1 registration statements. The anticipated debut of spot Ethereum ETFs is expected to occur by next week, according to Eric Balchunas, a senior ETF analyst at Bloomberg.
According to Bitwise CIO Matt Hougan, spot ether exchange-traded funds (ETFs) have the potential to receive $15 billion in net inflows within the first 18 months of their U.S. debut.
The cryptocurrency market has been experiencing significant downward momentum since about mid-June. The price of bitcoin hit a new eight-week low of $58,402 earlier this week. Selling pressure on Ethereum and other altcoins has been comparable to that on Bitcoin.
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