Key Points
- US spot Bitcoin ETFs see positive inflows, while spot Ethereum ETFs experience significant outflows.
- New leveraged fund MSTX launched, providing investors with 175% daily long exposure to MicroStrategy.
US-based Bitcoin exchange-traded funds (ETFs) have recently seen an inflow of funds, contrasting with the outflows experienced by Ethereum ETFs.
Bitcoin ETFs Gain, Ethereum ETFs Lose
According to data from SoSoValue, on August 15, twelve Bitcoin ETFs in the US collectively registered an inflow of $11.11 million, reversing the previous day’s negative flow.
Fidelity’s FBTC led with inflows of $16.2 million, while Grayscale’s Bitcoin mini trust and Biwise’s BITB saw inflows of $13.7 million and $6.2 million, respectively. Grayscale’s GBTC was the only one to see outflows of $25 million on the day, bringing its total net outflows to $19.57 billion since its launch.
On the other hand, nine Ethereum ETFs collectively saw $39.21 million in outflows on August 15. Leading the outflows was Grayscale’s ETHE, with continued outflows of $42.5 million.
New Leveraged Fund MSTX
In other news, the U.S. Securities and Exchange Commission has approved the launch of a new leveraged fund, MSTX, by Defiance, a US-based ETF issuer. This fund aims to provide investors with 175% daily long exposure to MicroStrategy, enabling them to gain leveraged exposure to innovative companies without the need for a margin account.
On its debut trading day, MSTX generated $22 million in volume, potentially setting a new record according to Bloomberg’s Senior ETF Analyst, Eric Balchunas.
Despite these developments and the introduction of another ETF, IBIT, the broader crypto market has shown a tepid response. Most major cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), have remained stable or recorded minimal increases.
It is yet to be determined whether the bulls or the bears will dominate the market. Analyst Rekt Capital noted in an August 15 post that Bitcoin is currently retesting the bottom of its trading channel as support, which could positively impact the cryptocurrency’s potential for a future upward trend continuation.
