Bitcoin and Ethereum ETFs see first joint positive inflows since Ether ETF launch

Spot Bitcoin and Ethereum exchange-traded funds in the United States saw joint positive inflows for the first time on Aug. 1 since the launch of the nine spot Ether ETFs on July 23.

Bitcoin ETFs see $50.6m in inflows

According to data from Farside Investors, the 11 spot Bitcoin ETFs recorded a net inflow of roughly $50.6 million on Aug. 1, led by Grayscale’s newly launched Grayscale Bitcoin Mini Trust, which alone recorded a substantial $191.1 million in inflows.

Blackrock’s IBIT followed with a more modest inflow of $25.9 while continuing its third consecutive month without any outflows. Meanwhile, Grayscale’s GBTC experienced the most significant net outflows among the competing products with $71.3 million.

This was followed by Fidelity’s FBTC with $48.4 million in net outflows, Ark and 21Shares’ ARKB with $22.4 million, Bitwise BITB with $20.7 million, and VanEck’s HODL with $3.6 million in net outflows. The remaining Bitcoin ETFs remained neutral.

According to SoSoValue data, the total daily trading volume for these spot Bitcoin ETFs was $2.91 billion on Thursday, Aug. 1, much higher than the $1.37 billion recorded on Tuesday, July 30, and Wednesday, July 31.

Ethereum ETFs also record positive inflows of $26.7m

The daily net inflows into the nine U.S. spot Ethereum ETFs also remained positive despite Grayscale’s Ethereum Trust (ETHE) experiencing cumulative outflows exceeding $2 billion.

On Aug. 1, the Ethereum ETFs recorded a net inflow of $26.7 million, with BlackRock’s iShares Ethereum Trust leading the way with an $89.6 million inflow, according to Farside Investors data.

Grayscale’s Ethereum Trust saw outflows of $78 million on the same day, bringing the total outflows from the fund to over $2 billion since it was converted to a spot fund. Unlike the other eight spot Ethereum ETFs launched on July 23, ETHE was originally a trust offering institutional investors’ exposure to (ETH) and was converted to a spot ETF on the same date.

Before its conversion, ETHE held $9 billion in Ethereum, with the recent outflow suggesting that 22% of the initial fund had been sold.

Meanwhile, on Aug. 1, Fidelity’s FETH and Bitwise’s ETHW logged inflows of $11.7 million and $3.4 million, respectively, while the remaining Ethereum ETFs experienced no flows on that day.

Per data from SoSoValue, the total daily trading volume for these spot Ethereum ETFs was $331.11 million on Thursday, Aug. 1, lower than the $472.5 million recorded on Wednesday, July 31, and $563.22 million on Tuesday, July 30.

In a July 29 post on X, Steno Research senior analyst Mads Eberhardt predicted that the substantial outflows from Grayscale’s ETHE would likely taper off this week, a trend that appears to have already started. “When it does, it’s up only from there,” remarked Eberhardt.

At the time of writing, the price of Bitcoin (BTC) had dropped by approximately 0.2% to $64,200. Ethereum, the largest altcoin in the crypto market, has also seen a slight decline of about 0.7% over the past day, currently trading around $3,147.