Despite recent inflows signaling renewed confidence in Bitcoin ETFs, Grayscale’s GBTC continues to struggle with significant outflows, highlighting ongoing investor hesitation.
Meanwhile, the crypto ETFs in the United States are showing good performance only that the last few days came with some level of turbulence.
The US-based spot Ethereum ETFs registered a total cash inflow of about $150 million led by BlackRock’s ETHA.
Mox is planning to introduce a “core portfolio” product later in 2024. With this, the bank aims to offer advanced trading solutions to retail investors, customized to individual customer financial goals.
Despite these outflows, the overall net asset value (NAV) of Bitcoin spot ETFs remains substantial at $51.47 billion.
Despite major Bitcoin fund outflows, spot Ether ETFs saw a net inflow of $48.73 million, suggesting investors view Ether as a hedge or buying opportunity.
The US spot Ethereum ETFs have seen over $500 million in total net outflows since it started trading last month.
The launch of Grayscale Bitcoin mini ETF two days ago has severely dented flows for FBTC, BITB, and ARKB Bitcoin ETFs which have seen zero inflows in the last four trading sessions.
Grayscale’s ETHE, formerly holding $9B in Ether, has seen 22% outflows since its conversion. Analyst Mads Eberhardt predicts these outflows will slow by week’s end, potentially boosting Ether prices.
Ethereum’s performance is particularly reflective of current market sentiments.
Grayscale’s Managing Director John Hoffman expressed optimism about the future regulatory environment for crypto ETFs. He highlighted that with 53 million Americans owning crypto and upcoming elections, the topic is gaining importance at the highest levels of government.
The positive inflow is attributed primarily to a reduction in withdrawals from Grayscale’s Ethereum Trust (ETHE).
Cohen explained that Bitcoin and Ethereum have met the financial giant’s expectations, and no other crypto has attained the same level of investor interest and demand.
At the forefront of this positive trend are BlackRock’s ETHA and Fidelity’s FETH which both saw considerable amounts of capital inflow last week.
Bitwise’s move to promote their Ethereum ETF with a banner on the NYSE is not just a marketing tactic but a declaration of confidence in the future of ETH.