Crypto
Bitcoin Outflows Meet Ethereum Inflows in Divergent Crypto ETF Flows
The cryptocurrency market saw a divergence in flows among US crypto spot ETFs last week, as Bitcoin experienced significant outflows while Ethereum attracted substantial inflows. This contrasting movement highlights a growing investor inclination towards Ethereum over Bitcoin.
Bitcoin's spot ETFs witnessed a net outflow of approximately $61.53 million, equivalent to around 915 BTC. This outflow reflects a bearish sentiment among investors, as Bitcoin's price continues to hover around $62,730.
The outflows were primarily driven by sales from Fidelity and Grayscale ETFs, which collectively sold 2,017 BTC. BlackRock's substantial purchase of 30,179 ETH highlights the increasing institutional interest in Ethereum.