The global digital assets market witnessed a week of heavy fluctuations as the biggest cryptos, Bitcoin (BTC) and Ether (ETH), recovered from the recent slump. US-based crypto spot exchange-traded fund (ETF) showed a mix of sentiments as Bitcoin ETF registered over $32 million in inflow, while Ether ETF saw a $14 million dip.
BlackRock has overtaken Grayscale, now managing $22 billion in Bitcoin and Ethereum ETFs compared to Grayscale’s $20.7 billion. This shift gained momentum after BlackRock launched Ethereum ETFs on July 23, which saw massive inflows.
Bitcoin ETFs see $32 million of weekly inflow
As per the data from SoSoValue, Bitcoin spot ETFs had a net inflow of $32.58 million last week. Fidelity’s FBTC had a net inflow of $82.11 million, and BlackRock’s IBIT had a net inflow of $71.07 million. Meanwhile, Grayscale ETF GBTC had a net outflow of $195 million.
BTC ETFs printed green weekly index depicting investors’ confidence getting back to the market. In the prior two weeks, the investment funds bled $169 million and $80 million, respectively, which is directly reflected in the BTC’s performance.
Bitcoin saw a marginal surge in the last 7 days after dealing with heavy selling pressure, which resulted in a 9% and 11% decline over the past 30 days and 60 days, respectively. BTC is trading at an average price of $58,566, at the press time.
The competition remains fierce, with Grayscale’s GBTC managing $18.7 billion, just $1.5 billion ahead of BlackRock’s iShares Bitcoin Trust (IBIT) at $17.2 billion. The continuous outflows from Grayscale are closing the gap.
ETH ETFs deal with dump
Ether linked ETFs reveal different sets of emotions running among investors as they printed a red weekly index. It recorded a net outflow of $14.16 million last week. This comes in after the big week of $104 million inflow seen amid the high selling pressure.
BlackRock’s ETHA had a net inflow of $76.35 million, and Fidelity’s FETH saw a positive flow of $25.79 million. Grayscale’s ETHE had a net outflow of $118 million. Grayscale has posted a cumulative outflow of $2.41 billion, till now.
The second biggest crypto, ETH, surged by around 4% in the last 7 days despite the sell-off seen in the ETFs market. The recovery comes in after registering a drop of 23% and 26% in the past 30 days and 60 days, respectively. ETH is trading at an average price of $2,628, at the press time.
Source: https://www.cryptopolitan.com/bitcoin-etfs-hit-weekly-green-ethetf-suffers/