Spot Bitcoin ETFs Retrieves Spotlight From Ethereum ETFs

Overhype may not mean well for spot Ethereum ETF as the new product lost over $133 million in flows on Day 2. This loss could have also resulted from a shift in the hype.

Spot Bitcoin ETFs Records $44.5M in Flows

Spot Bitcoin ETF inflows resurged on Wednesday to the detriment of its Ethereum counterparts. It is worth noting that on Tuesday, spot BTC ETFs stood at the mercy of ETH ETFs due to the hype on the new product with $78 million outflow. 

The latest data confirms that the tables have turned and it is now in favor of spot Bitcoin ETFs. 

BlackRock’s IBIT led the Wednesday inflows with $66 million and was followed by Ark 21Shares’ ARKB, with $3.3 million in inflows. Fidelity spot Bitcoin ETF took in only $1.4 million in inflows. Grayscale’s GBTC is known for its consistent outflows and it did not fall short this time. GBTC registered a staggering outflows worth $26.2 milion. 

Collectively, the United States Bitcoin ETFs recorded $44.5 million in flows.

Spot Ethereum ETF Sees Huge Outflows 

Ethereum ETF product saw a huge loss of $133.3 million after hitting a trading volume of over $1 billion the previous day. Individually, most of the spot Ethereum ETFs like Fidelity’s FETH and Bitwise’s ETHW performed fairly well. 

According to Farside UK data, the Fidelity Ethereum ETF registered up to $74.6 million in inflow. On top of that, Bitwise’s Ether ETF saw $29.6 million in inflows, although it reflected a far-cry from $204 million that the ETF recorded on the day of debut. The outflows of Grayscale’s ETHE triggered the market‘s recorded drop.

Due to its 2.5% management fee, Grayscale Ethereum ETF saw $326.9 million in outflows. Like Bitwise, BlackRock registered a shocking drop from $266.5 million inflow to just $17.4 million on its second trading day.

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