Ethereum Funds Soar as Bitcoin ETFs Bleed
The Bitcoin ETF market continues to struggle as funds shed 3,170 BTC over the past week. In contrast, Ethereum ETFs saw a surge in inflows, adding 37,959 ETH during the same period.
BlackRock's ETHA fund was responsible for most of the Ethereum inflows, while its IBIT fund accounted for the majority of Bitcoin losses. The iShares Bitcoin Trust (IBIT), the largest spot Bitcoin ETF, lost 3,511 BTC, exceeding the category's overall net decline of 3,170 BTC.
Grayscale's Bitcoin funds fell by another 10 BTC, and Bitwise's BITB lost 27 BTC. However, some inflows returned to BTC ETFs, with Fidelity's FBTC and ARK 21Shares' ARKB adding 109 BTC and 77 BTC, respectively.
BTC trades near $63,900, up around 4% for the week despite the fund losses. Bitcoin ETFs have only recovered a small portion of the $8.2 billion that left the category in mid-July.