The United States spot exchange-traded funds (ETFs) have continued to record mixed fortunes, with Bitcoin ETFS seeing continued outflows for the fourth consecutive day, losing $196 million on August 5. On the other hand, Ethereum ETFs saw $73.22 million net inflows, decoupling from the Bitcoin-linked sentiments.
Ethereum ETFs were largely influenced by United States firm BlackRock’s ETHA, which saw more than $89 million in inflows in a day. The retreat from Bitcoin comes amid fears of stagflation in the United States economy. It follows new PMI data submitted by ISM Services showing inflationary pressures from tariffs, weakening employment, and trade disruptions. However, the digital asset market remains marginally stable on Wednesday morning, holding steady around the $3.73 trillion cap.
United States spot BTC ETF tumbles as Ethereum jumps
According to On-chain data, Fidelity’s FBTC led the decline with nearly $100 million in outflows. BlackRock’s IBIT reported $77.42 million of outflows, while Grayscale’s GBTC posted $19.65 million of withdrawals. Last week, BTC ETFs saw $643 million flowing out, while more than $529 million has been drained out from the funds.
After recently touching a new all-time high, Bitcoin has dropped back to the $113K-$114 zone. BTC price is down by 3.4% in the last 7 days, but it has still managed to hold gains of 4.8% over the past 30 days. The original crypto is trading at an average price of $114,081 at press time.
Meanwhile, Ethereum ETFs’ comeback was spurred by BlackRock’s ETHA. At the same time, VanEck ETHV and 21Shares’ CETH posted $5.24 million and $3.57 million influx, respectively. On the other hand, Grayscale’s ETHE saw $10.91 million leave the fund. With printing green index on Tuesday, ETH ETFs have broken the 2 days streak of outflows. July turned out to be the biggest month of Ethereum ETFs as it docked $5.43 billion.
Ethereum has largely outperformed Bitcoin over the last month. ETH price surged by 40% in the last 30 days; on the other hand, BTC remained up by just 4%. Ether is trading at an average price of $3,614 at press time. ETFs fever seems to be growing globally. Japan’s largest banking group, SBI Holdings, is making a major push into crypto ETFs.
According to reports, the firm has revealed its intention to apply to list two crypto-related ETFs, applying to the country’s Financial Services Agency. The first is expected to hold direct exposure to Bitcoin and XRP, while the second is called the “Digital Gold Crypto ETF.” This will mix gold-backed securities with digital assets. The ETFs are expected to be listed on the Tokyo Stock Exchange.
SBI has long been a Ripple ally, and the move is seen as part of its broader strategy to bridge digital assets with the traditional financial system. If approved, these will be Japan’s first publicly traded crypto ETFs. It will potentially set a regulatory precedent in Asia. On the market side, XRP price is up by 41% on a year-to-date (YTD) basis, despite being dragged down by 7% in the past 7 days. XRP is trading at an average price of $2.92 at press time after hitting $3.6 in July.
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