Bitcoin ETF Flows Shift to Net Outflows While Ethereum Sees Inflows
Demand for spot exchange-traded funds (ETFs) has decreased for Bitcoin, while Ethereum continues to see inflows.
Bitcoin ETF Flows Decline
- Glassnode reported a shift in the total balance of US spot ETFs for Bitcoin and Ethereum.
- Spot ETFs allow traditional investors to gain exposure to cryptocurrencies without dealing with wallets and exchanges.
- The SEC approved Bitcoin spot ETFs in January 2024 and Ethereum in July 2024.
- Ethereum's spot ETFs have seen four consecutive weeks of net inflows, totaling 97,800 ETH added, but remain below the February peak of 3.81 million ETH, currently at 3.77 million ETH.
- In contrast, Bitcoin's spot ETF holdings reached a recent high but have now experienced net outflows for the first time in eight weeks, dropping to 1.20 million BTC, down approximately 11.5K BTC from late-May levels.
- Market analysts suggest watching for signs of re-acceleration in Bitcoin demand.
Current Bitcoin Price
Bitcoin’s price has risen by about 2% recently, recovering to $107,600.