Despite the crypto market downtrend happening now, on July 30, BlackRock's Ethereum ETF has achieved a significant milestone, surpassing its Bitcoin ETF in recent inflows. This development marks a notable shift in the cryptocurrency ETF landscape, with Ethereum ETFs gaining traction.
Bitcoin ETF: Inflows vs Outflows
According to Farside data on ETF Flows, on July 30, Bitcoin exchange-traded funds (ETFs) saw an $18.3 million outflow, the first since July 23. This outflow affected three of the four largest ETF issuers: Bitwise’s BITB, ARK’s ARKB, and Fidelity’s FBTC. In contrast, BlackRock’s IBIT ETF was the only issuer to record inflows for the second consecutive trading day, adding $74.9 million and pushing its total net inflow beyond the $20 billion mark. Meanwhile, Grayscale’s GBTC experienced its largest outflow since June 24, with $73.6 million exiting, resulting in a total outflow of $18.9 billion. Despite these fluctuations, overall ETF inflows reached $17.7 billion.
Ethereum ETF: Inflows vs Outflows
In the Ethereum ETF market, a net inflow of $33.7 million was recorded on July 30, breaking the pattern of outflows since July 23. Grayscale’s ETHE experienced its smallest outflow at $120.3 million, while BlackRock’s ETHA ETF achieved its largest inflow since July 23, with $118.0 million.
This brings the total outflows in Ethereum ETFs to $406.4 million.
Grayscale’s GBTC and ETHE Flows
Grayscale's GBTC saw its largest outflow since June 24, with $73.6 million exiting, bringing its total outflow to $18.3 billion. Despite these significant movements, total ETF inflows amounted to $17.7 billion. Grayscale's ETHE also contributed to the dynamic landscape with varied inflow and outflow patterns, indicating a shifting investor sentiment.
Blackrock's IBIT and ETHA Flows
As for Blackrock's IBIT, with its small Bitcoin inflow on July 30 since July 23 at $74.9M, and it comparison with that of Ethereum, ETHA inflow recorded being $118M, it can be noted that
BlackRock’s ETHA inflow has now surpassed that of its Bitcoin counterpart, IBIT.
The recent trends highlight a growing interest in Ethereum ETFs, particularly BlackRock's ETHA, which has outperformed its Bitcoin-focused counterpart. This shift could signal broader changes in the cryptocurrency investment space, as Ethereum gains more traction among investors. But just like the crypto market volatility where nothing is certain nor permanent, it is safe to say that investors must keep an eye on all data for better understanding. As on July 31, the numbers were totally different from the previous day, with lower inflows vs higher outflows.
