Institutional Investors Abandon Bitcoin for Altcoins in Major Shift
Recent data from Farside Investors reveals that institutional investors are shifting their focus away from Bitcoin and towards alternative cryptocurrencies. This change in direction is reflected in spot ETFs, which have seen a net outflow of approximately $11.6 million from US spot Bitcoin ETFs on July 27th. This marks the third consecutive day of outflows from BTC ETFs, although the rate of outflows has begun to slow.
The largest contributor to this outflow was BlackRock's IBIT fund, with a net withdrawal of $8.8 million, followed by Fidelity's FBTC fund at $2.8 million. In contrast, Ethereum ETFs experienced net inflows of around $11.7 million on the same day.
BlackRock's ETHA fund was the only Ethereum ETF to record an influx, with a total of $11.7 million added. However, Fidelity's FETH; Grayscale's Mini Ethereum (ETH); BlackRock's ETHB; Bitwise's ETHW; 21Shares' TETH; VanEck's ETHV; Invesco's QETH; and Franklin Templeton's EZET fund all recorded zero flows.