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In a notable shift, the U.S. market for spot Ethereum ETF products saw significant net outflows on Thursday, amounting to $39.21 million. This downturn halted a three-day streak of positive inflows, marking an essential moment in the volatile crypto market.
Amid this flow pattern, Bitcoin and Ethereum slipped off crucial price levels, with moderate losses over the past day. This downturn suggests that the ETF flows correlate with the broader crypto market sentiment.
Update on Ethereum ETF Outflows
Notably, the Grayscale Ethereum Trust (ETHE), a prominent player in the space, bore the brunt of these outflowswith a substantial $42.52 million leaving the product. This made ETHE the sole spot Ethereum ETF to record outflows on August 15.
In contrast, other spot Ethereum ETF products, like the Grayscale’ Ethereum ETH, saw no activity. This followed a modest inflow of $2.26 million the previous day, showing a pause in investor engagement.
Meanwhile, Fidelity’s FETH reported total inflows of $2.54 million, while BlackRock’s ETHA attracted $770,350. However, the remaining ETFs showed no change, which indicates a mixed sentiment among investors for these products.
The overall trading volume for the nine Ethereum ETF products hit a substantial $240.58 million on Thursday. This figure marked a significant increase from $155.91 million on Wednesday and $190.76 million on Tuesday, reflecting a bullish trend in trading activity despite the outflows.
Spot Bitcoin ETF Performance
On the other hand, the U.S. market for spot Bitcoin ETFs showed a more positive trend, with moderate net inflows of $11.11 million on Thursday, August 15. This figure marks a recovery from the $81.36 million net outflows recorded the previous day.
Fidelity’s FBTC had the highest daily inflows, with approximately $16.25 million. Grayscale’s Mini Trust and Bitwise’s BITB also saw gains, with $13.66 million and $6.23 million in inflows, respectively.
However, Grayscale’s GBTC fund struggled, with $25.03 million leaving the offering, marking the 11th straight day of outflows.
On the same day, BlackRock’s IBIT, the most significant Bitcoin ETF based on total assets, didn’t record any flows. This trend negates the inflow recorded earlier in the week when IBIT received $2.68 million on Wednesday and $34.55 million the day before.
Overall, trading activity for the 12 spot Bitcoin ETFs was substantial, with the total volume reaching $1.79 billion on Thursday, up from $1.3 billion the previous day. This indicates that despite mixed results, investor interest in Bitcoin products remains high.
As for prices, Bitcoin recorded a slight drop of 0.37%, bringing it to $58,161while Ethereum fell sharply by 3% to $2,589.
However, the trading volume appears to be on the positive side, displaying a daily change of 18.28%. In the meantime, Ethereum’s trading volume holds at over $15.91 billion, according to CoinMarketCap’s data.
These fluctuations highlight the ongoing volatility and the challenges investors face in the digital asset market.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
