Divergent Trajectories for Bitcoin and Ethereum ETFs Amid Market Correction

Spot Bitcoin and Ethereum exchange-traded funds (ETFs) in the United States have commenced the week on divergent paths, reflecting broader market corrections in the cryptocurrency sector.

According to data from Farside Investors, spot Bitcoin ETFs experienced a significant influx, with net inflows totaling $124.1 million by the close of trading on Monday, July 29. A substantial portion of these inflows, amounting to $205.6 million, was directed towards BlackRock’s iShares Bitcoin Trust (IBIT).

Conversely, the Grayscale Bitcoin Trust (GBTC) continued its decline, recording $54.3 million in outflows on the same day. Similarly, the Bitwise Bitcoin ETF (BITB) and Fidelity Wise Origin Bitcoin Fund (FBTC) saw outflows of $21.3 million and $5.9 million, respectively. Other spot BTC ETFs remained stable without significant changes.

Meanwhile, Ethereum ETFs began the week with net outflows. Data from Farside shows that spot Ethereum ETFs registered $98.3 million in net outflows, continuing a trend observed since the launch of these investment products. Notably, the Grayscale Ethereum Trust (ETHE) saw a substantial outflow of $210 million on July 29, contributing to a cumulative net outflow of $1.72 billion since its inception. In contrast, BlackRock’s ETHA garnered $58.2 million in inflows, pushing its total inflows past the $500 million threshold.

Additionally, Fidelity’s FETH, VanEck’s ETHV, and Bitwise’s ETHW recorded inflows of $24.8 million, $10.9 million, and $10.4 million, respectively. Grayscale’s Ethereum Mini Trust (ETH) and Franklin Templeton’s EZET also posted inflows of $4.9 million and $2.5 million.

This divergence in momentum between spot BTC and ETH ETFs occurs amid a broader market downturn, with the global cryptocurrency market capitalization declining by 3.3% over the past 24 hours, according to CoinGecko. As of the latest data, Bitcoin has dropped by 4%, trading at $66,600, while Ethereum has corrected by 1.3%, currently priced at approximately $3,340.

source