Bitcoin and Ethereum Suck in Record $53 Billion as Altcoins Take a Backseat
The cryptocurrency spot exchange-traded fund (ETF) market in the US has seen a significant trend emerge, with Bitcoin (BTC) and Ethereum (ETH) dominating net inflows. According to industry data from August 8th, only two products - Bitcoin and Ethereum - recorded net inflows on August 7th. Data from SoSoValue shows that 13 Bitcoin spot ETFs attracted a total of $98.85 million on that day, while 11 Ethereum spot ETFs saw inflows of $49.6 million.
The trend is not a one-day event, as cumulative data over the past month reveals the dominance of Bitcoin and Ethereum even more starkly. Bitcoin spot ETFs recorded a staggering net inflow of $896.6 million over the last 30 days, while Ethereum spot ETFs also demonstrated solid demand by pulling in $448.06 million during the same period.
As a result, the cumulative net inflows for both assets have swelled further. The total cumulative net inflow for Bitcoin spot ETFs has reached $52.2 billion, while Ethereum stands at $11.46 billion.