TLDR
- Ethereum ETFs recorded their first day of net inflows since launch
- Bitcoin ETFs experienced outflows, breaking a positive streak
- Overall crypto market faces uncertainty due to upcoming economic events
- Trump’s recent Bitcoin comments temporarily boosted prices
- ETF trading volumes for both Bitcoin and Ethereum have decreased
Ethereum exchange-traded funds (ETFs) in the United States marked their first day of net inflows on Tuesday, while their Bitcoin counterparts experienced a downturn.
Data from financial analytics firm SosoValue shows that the nine U.S.-listed spot Ethereum ETFs attracted $33.67 million in net inflows.
This marks a significant turnaround for these relatively new investment products, which have faced consistent outflows since their July 23 debut. Leading the pack was BlackRock’s ETHA fund, which saw an impressive $117.98 million flow into its coffers.
However, it wasn’t all smooth sailing for Ethereum ETFs. The Grayscale Ethereum Trust (ETHE) continued its streak of outflows, shedding $120.28 million. Despite this, the overall positive flow indicates a potential change in investor sentiment towards Ethereum-based products.
On the flip side, Bitcoin ETFs hit a bump in the road. After four consecutive days of inflows, these funds recorded a net outflow of $18.3 million on Tuesday. Grayscale’s GBTC led the exodus with $73.6 million in outflows. Bucking this trend was BlackRock’s IBIT, which managed to attract $74.87 million in new investments.
The contrasting performance of Bitcoin and Ethereum ETFs comes against a backdrop of market uncertainty. Bitcoin’s price, which had surged to over $69,000 following Republican candidate Donald Trump’s pro-Bitcoin speech at a recent conference, has since retreated.
As of Tuesday, Bitcoin was trading around $65,520, representing a 1.71% drop over 24 hours.
Several factors are contributing to the current market climate. Traders are keeping a close eye on upcoming U.S. tech earnings reports, which historically have influenced cryptocurrency prices.
Key macroeconomic events such as the Federal Reserve’s policy meeting and the release of unemployment data are on the horizon.
It’s worth noting that trading volumes for both Bitcoin and Ethereum ETFs have decreased. Bitcoin ETFs saw their daily trading volume fall to $1.37 billion on Tuesday, down from $2.68 billion on Monday. Similarly, Ethereum ETF trading volume dipped to $563.22 million, compared to $773.01 million the previous day.
