The new data reveals a continuous growth in Bitcoin ETFs while a decline in Ethereum ETFs. Lookonchain, a famous on-chain analytics provider, disclosed that BTC ETFs recorded significant inflows but ETH ETFs saw huge outflows on August 22. The analytics company provided the details of these ETF flows on its official social media account.
Bitcoin ETFs Add 1,515 $BTC while Ethereum ETFs Record 10,760 ETH in Outflows
In its exclusive X post, Lookonchain revealed that the Bitcoin ETFs added up to 1,515 $BTC. The respective figure equals a value of nearly $91.78 million. The respective positive flows indicate that the investors are fully confident about the potential of the chief crypto asset. The analytics firm pointed out that ARK 21Shares ETF accounts for a considerable portion of the above-mentioned inflows.
The respective exchange-traded fund reportedly witnessed a net inflow of almost 874 BTC. This amount has a value of nearly $52.94 million. The inclusion of such a significant amount has elevated the ARK 21Shares ETF’s cumulative holdings to 47,505 BTC. This sum has a value of approximately $2.88 billion. Bitcoin ETFs’ continued inflows indicate the bullish momentum of the asset among the community members.
Grayscale Accounts for Most of the Outflows from ETH ETFs
Contrarily, ETH ETFs have gone through a contrasting trend. Overall 10,760 ETH reportedly left the Ethereum ETFs on August 22. This figure is equivalent to $28.14M. The respective development mirrors a declining interest of investors in the case of Ethereum. Grayscale’s Ethereum Trust (ETHE) reportedly accounted for the most of these outflows. According to Lookonchain, the ETF witnessed 14,340 ETH in outflows, equaling $37.5M.
Irrespective of the negative flows, the ETF still has 1,842,151 ETH (nearly $4.82B) in its holdings. Lookonchain asserted that the contrasting flows of Ethereum and Bitcoin ETFs denote the varying investor sentiment about both assets. Further progress in these trends may result in crucial implications for the wider crypto market.
Source: https://blockchainreporter.net/bitcoin-etfs-see-strong-inflows-as-ethereum-etfs-experience-outflows/