Key Points
- Spot Bitcoin and Ethereum ETFs in the US have seen poor results due to bearish market sentiment.
- Bitcoin and Ethereum are experiencing a downturn, with the global crypto market capitalization dropping by 3.1%.
This week, spot exchange-traded funds (ETFs) for Bitcoin and Ethereum in the United States have performed poorly. This is largely due to the bearish sentiment currently dominating the market.
ETF Performance
Farside Investors’ data shows that spot Bitcoin (BTC) ETFs saw a net inflow of approximately $300,000 on July 31. The iShares Bitcoin Trust (IBIT) from BlackRock experienced $21 million in inflows, marking its third straight month without any outflows.
On the same day, Grayscale launched its spot Bitcoin Mini Trust on NYSE Arca. This new ETF registered $18 million in inflows on its first day. However, outflows from Fidelity’s FBTC, Bitwise’s BITB, and Ark 21Shares’ ARKB, which totalled $38.7 million, neutralized these inflows. The remaining investment products remained neutral.
Ethereum ETFs and Market Downturn
Spot Ethereum (ETH) ETFs experienced $77.2 million in net outflows on July 31, according to Farside Investors. The majority of these outflows came from Grayscale’s ETHE fund, which was worth $133.3 million. Since its launch on July 23, the ETHE fund has seen $1.97 billion in net outflows.
Meanwhile, Grayscale’s Mini ETH fund recorded $19.5 million in inflows. Fidelity’s FETH and BlackRock’s ETHA fund followed with $18.8 million and $5 million in inflows, respectively. VanEck’s ETHV, Bitwise’s ETHW, and Ark 21Shares’ CETH ETFs also saw inflows, while Invesco’s QETH and Franklin Templeton’s EZET stayed neutral.
This bearish sentiment around spot BTC and ETH ETFs is occurring as the broader cryptocurrency market experiences a downturn. CoinGecko data shows that the global crypto market capitalization has fallen by 3.1% in the past 24 hours and currently stands at $2.41 trillion.
Bitcoin has dropped by 3.2% in the past 24 hours and is currently trading at $64,275. Ethereum has seen a larger drop, with a decrease of 4.6% over the past day, and is currently valued at $3,170.
