Bitcoin, Ethereum ETFs take different paths amid market correction

Spot Bitcoin and Ethereum exchange-traded funds in the United States have started the week in different directions as the border cryptocurrency market faces corrections.

According to data provided by Farside Investors, spot Bitcoin (BTC) ETFs recorded $124.1 million in net inflows at the end of the trading day on Monday, July 29. All of the day’s inflows, $205.6 million, came into BlackRock’s iShares Bitcoin Trust (IBIT).

The Grayscale Bitcoin Trust (GBTC) continued its downward movements, losing $54.3 million in outflows yesterday. The Bitwise Bitcoin ETF (BITB) and Fidelity Wise Origin Bitcoin Fund (FBTC) also saw $21.3 million and $5.9 million in outflows, respectively.

The remaining spot BTC ETFs remained neutral.

Ethereum ETFs start the week with net outflows

Per data from Farside, spot Ethereum (ETH) ETFs registered $98.3 million in net outflows yesterday, kicking off the second trading week for the new investment products. 

As crypto.news previously reported, in the same pattern as the first week of Ethereum ETF trading, Grayscale Ethereum Trust (ETHE) was the only ETH ETF with outflows, losing $210 million on July 29. Overall, ETHE has seen $1.72 billion in net outflows since its launch. Data shows that BlackRock’s ETHA saw $58.2 million in inflows — helping its total amount of inflows since launch surpass the $500 million mark.

Furthermore, Fidelity’s FETH, VanEck’s ETHV and Bitwise’s ETHW also recorded double-digit inflows of $24.8 million, $10.9 million and $10.4 million, respectively.

Grayscale’s lower-fee Ethereum ETF, Ethereum Mini Trust (ETH), and Franklin Templeton’s EZET recorded $4.9 million and $2.5 million in inflows yesterday.

The different momentum in the spot BTC and ETH ETFs comes as the global cryptocurrency market capitalization saw a 3.3% decline over the past 24 hours, according to data from CoinGecko. 

Bitcoin dropped by 4% and is trading at $66,600 at the time of writing. Ethereum witnessed a 1.3% correction over the past day and is currently changing hands around $3,340.