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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Bitcoin ETFs see $124.1M in inflows as Ethereum struggles with outflows

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Recent data from Farside showed significant movements in Bitcoin and Ethereum exchange-traded funds (ETFs). Bitcoin ETFs experienced a $124.1 million inflow on July 29, capitalizing on Bitcoin’s price dip to $66k. BlackRock’s IBIT ETF stood out with an impressive $205.6 million inflow, marking the largest inflow since July 22 and bringing IBIT’s net inflows to $19.9 billion. In contrast, Grayscale’s GBTC ETF recorded a $54.3 million outflow, escalating its total net outflows to $18.9 billion. Other Bitcoin ETFs, including Bitwise’s BITB and Fidelity’s FBTC, also faced outflows of $21.3 million and $5.9 million, respectively. Despite these outflows, the total inflows into Bitcoin ETFs now stand at $17.7 billion.

Bitcoin ETFs: (Source: Farside)
Table showing the flows for Bitcoin ETFs from July 11 to July 29, 2024 (Source: Farside)

In contrast, Ethereum ETFs continued to experience outflows, with a substantial $98.3 million outflow on July 29. This trend is primarily driven by Grayscale’s ETHE ETF, which saw a $210 million outflow, pushing its total outflows to $1.7 billion. Among the nine Ethereum ETF issuers, six recorded inflows led by BlackRock’s ETHA ETF with a $58.2 million inflow, raising its total net inflow to $500.2 million. Despite some positive inflows, the total net outflows for Ethereum ETFs increased to $440.1 million. This data illustrates the contrasting trends in investor sentiment towards Bitcoin and Ethereum ETFs.

ETH ETF Data: (Source: Farside)
Table showing the flows for Ethereum ETFs from July 23 to July 29, 2024 (Source: Farside)

Since the launch of the ETH ETFs on July 22, BTCUSD has decreased by 2.3%, ETHUSD has dropped over 6%, and ETHBTC has fallen by 4%.

BTCUSD, ETHUSD, ETHBTC since July 23: (Source: TradingView)
Graph showing the performance for BTCUSD, ETHUSD, and ETHBTC from July 23 to July 29, 2024 (Source: TradingView)

The post Bitcoin ETFs see $124.1M in inflows as Ethereum struggles with outflows appeared first on CryptoSlate.

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