TLDR
- U.S. spot Bitcoin ETFs saw net outflows of $18 million on Tuesday, breaking a four-day streak of inflows.
- Ether ETFs recorded their first day of net inflows at $33.67 million, ending a four-day streak of outflows.
- Bitcoin prices surged to over $69,000 last week following Donald Trump’s speech at Bitcoin 2024, but have since dropped.
- Traders are cautious about potential volatility due to upcoming U.S. tech earnings and macroeconomic events.
- Grayscale’s ETHE continues to see outflows, while BlackRock’s IBIT and ETHA lead inflows for Bitcoin and Ether ETFs respectively.
The cryptocurrency market experienced a shift in investor sentiment on Tuesday, as evidenced by the performance of U.S.-listed spot Bitcoin and Ethereum exchange-traded funds (ETFs).
For the first time since their launch, Ether ETFs recorded net inflows, while Bitcoin ETFs broke their recent streak of positive flows.
According to data from SoSoValue, U.S. spot Bitcoin ETFs saw net outflows of $18 million on Tuesday. This marks a change from the previous four days, which had seen inflows as high as $124 million.
Grayscale’s GBTC led the outflows with $73.6 million, while products from Fidelity, Ark Invest, Bitwise, and VanEck also experienced outflows ranging from $2 million to $7 million.
BlackRock’s IBIT stood out as the only Bitcoin ETF to record inflows, bringing in nearly $75 million.
Ether ETFs, which debuted on July 23, saw their first day of net inflows, totaling $33.67 million. This positive turn broke a four-day losing streak for these products. BlackRock’s ETHA led the inflows with $117.98 million, followed by Fidelity’s FETH with $16.36 million.
Grayscale’s ETHE continued its trend of outflows, losing $120.28 million on Tuesday. Since their launch, Ether ETFs have seen a cumulative net outflow of over $400 million, with Grayscale’s ETHE recording the most losses at $1.84 billion.
The mixed performance of crypto ETFs comes amid a volatile period for cryptocurrency prices. Bitcoin surged to over $69,000 last week following Republican candidate Donald Trump’s speech at the Bitcoin 2024 conference in Nashville.
During his address, Trump revealed plans to fire U.S. SEC head Gary Gensler and create a strategic Bitcoin reserve if elected. However, the cryptocurrency’s price has since dropped, trading around $65,520 as of Tuesday.
Several factors are contributing to market uncertainty. The U.S. Marshals Service’s movement of $2 billion worth of Bitcoin to new wallets has raised concerns about a potential liquidation. Additionally, traders are cautious about upcoming events that could impact crypto prices.
These include the Federal Open Market Committee (FOMC) meeting, earnings reports from major tech companies like Apple, Amazon, and Meta, and the release of U.S. unemployment data.
The total daily trading volume for spot Bitcoin ETFs reached $1.37 billion on Tuesday, down from $2.68 billion on Monday. Spot Ether ETFs saw a trading volume of $563.22 million, also lower than the previous day’s $773.01 million.
