Data from SoSoValue reveals a notable shift in the crypto market, with US Bitcoin spot ETFs recording their first day of net inflows after a four-day streak of outflows. This comes as Ethereum ETFs continue their positive momentum, logging a second consecutive day of net inflows.
Here's a breakdown of the latest fund flow data:
Bitcoin Spot ETFs:
Total Net Inflow: Yesterday, Bitcoin spot ETFs saw a total net inflow of $91.55 million, signaling a potential reversal in investor sentiment.
Top Performers: BlackRock's IBIT led the way with a single-day net inflow of $41.93 million, bringing its cumulative net inflow to a staggering $57.27 billion. Bitwise's BITB followed with a $26.35 million inflow, and Grayscale's GBTC, Fidelity's FBTC, and VanEck's HODL also saw positive flows.
An Outlier: Ark & 21shares' ARKB was the only Bitcoin ETF to experience a net outflow, with a loss of $5.37 million.
Overall Standing: The total net asset value for Bitcoin spot ETFs is now $148.5 billion, representing 6.46% of Bitcoin's total market capitalization, with a cumulative net inflow of $53.74 billion.
Ethereum Spot ETFs:
Continuing the Trend: Ethereum spot ETFs saw a net inflow of $35.12 million, extending their positive streak to two consecutive days.
Top Performers: BlackRock's ETHA dominated the inflows with $33.39 million, pushing its cumulative net inflow to $9.49 billion. Grayscale's ETHE also saw a significant inflow of $10.04 million, though its cumulative net flow remains negative at -$4.35 billion.
An Outlier: Grayscale's ETH was the only Ethereum ETF with a net outflow of $8.67 million yesterday.
Overall Standing: The total net asset value for Ethereum spot ETFs is $20.61 billion, accounting for 4.70% of Ethereum's total market capitalization, with a cumulative net inflow of $9.13 billion.
Analysis:
This data suggests a subtle yet significant shift in the market. While a return of capital to Bitcoin ETFs is a positive sign for the flagship cryptocurrency, the consistent inflows into Ethereum ETFs point to a growing and sustained interest in the second-largest digital asset. The question remains: is this a lasting sign of renewed confidence in the crypto space, or a temporary rally before another period of consolidation?
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WRITTEN BY FATIMA!