Key Points
- U.S. spot Ethereum ETFs experienced $39.2 million in net outflows on August 15, 2024, ending a three-day streak of positive flows, while spot Bitcoin ETFs saw modest inflows of $11.1 million.
- Grayscale’s ETHE fund continued to face significant outflows, losing $42.5 million, while its Bitcoin counterpart GBTC extended its outflow streak to 11 days, with $25 million leaving the fund.
Ethereum ETFs Face Setback
After a promising three-day run of positive flows, U.S. spot Ethereum exchange-traded funds (ETFs) encountered a setback on Thursday, August 15, 2024. The sector witnessed net outflows totaling $39.21 million, marking a significant shift in investor sentiment.
Per SoSoValue, the Grayscale Ethereum Trust (ETHE) bore the brunt of this reversal, experiencing outflows of $42.52 million. ETHE was the sole Ethereum ETF to report negative flows on this day. Other funds in the space showed mixed results, with Fidelity’s FETH and BlackRock’s ETHA recording modest inflows of $2.54 million and $770,350, respectively.
Despite the outflows, trading activity for Ethereum ETFs surged. The total daily volume across the nine ETFs reached $240.58 million, a substantial increase from the previous day’s $155.91 million.
Bitcoin ETFs Show Resilience
In contrast to their Ethereum counterparts, U.S. spot Bitcoin ETFs demonstrated resilience, posting net inflows of $11.11 million on the same day. This positive performance came after experiencing net outflows of $81.36 million the previous day.
Fidelity’s FBTC led the pack with the largest inflows, attracting $16.25 million. The Grayscale Bitcoin Mini Trust also performed well, securing $13.66 million in net inflows. Bitwise’s BITB rounded out the top three with inflows of $6.23 million.
However, not all Bitcoin ETFs are shared in this success. Grayscale’s GBTC continued its streak of outflows, marking the 11th consecutive day of negative flows with $25.03 million exiting the fund.
Market Dynamics and Trading Volumes
The crypto ETF market displayed interesting dynamics, with Ethereum and Bitcoin products moving in opposite directions. While Ethereum ETFs faced challenges, Bitcoin ETFs showed signs of recovery.
Trading volumes remained robust across both sectors. Bitcoin ETFs saw a total trading volume of $1.79 billion on Thursday, up from $1.3 billion the previous day. This increased activity suggests sustained investor interest despite fluctuating fund flows.
As the crypto ETF landscape continues to evolve, investors and analysts will closely monitor these trends to gauge market sentiment and the potential long-term adoption of these investment vehicles.
