Ethereum ETFs Soar as Bitcoin Funds Bleed
Bitcoin exchange-traded funds (ETFs) lost 3,170 BTC over the past seven days as Ethereum ETFs added 37,959 ETH. This split between the two cryptocurrencies points to growing institutional appetite for ether.
The iShares Bitcoin Trust (IBIT), the largest spot Bitcoin ETF, drove nearly all of the week's Bitcoin outflow with a loss of 3,511 BTC. Grayscale's Bitcoin funds fell another 10 BTC, and Bitwise's BITB lost 27 BTC.
Fidelity's FBTC and ARK 21Shares' ARKB offset some of the damage, adding 109 BTC and 77 BTC, respectively. Despite this, Bitcoin trades near $63,900, up about 4% for the week even as the funds bleed.
Ethereum ETFs, on the other hand, pulled in 37,959 ETH over the week, with BlackRock's ETHA fund accounting for 37,424 ETH of that total. Grayscale's ETH products added 5,515 ETH, while Fidelity's FETH lost 4,980 ETH.
The flows extend a run where Ethereum funds notched a third straight weekly inflow through July 24. They pulled in $103.9 million, more than any other spot crypto ETF that week.