Ether ETFs record second day of inflows as BTC ETF outflows continue

Ether exchange-traded funds in the US recorded its second day of net inflows this week. Meanwhile, outflows from Bitcoin ETFs continued for the third consecutive day.

According to data from SoSoValue Ether ETFs recorded a combined inflow of $98.4 million on August 6. This comes a day after $48.8 million moved into the Ether ETF products.

BlackRock leads Ether ETFs

BlackRock’s iShares Ethereum Trust saw the highest inflows, with $109.9 million inflows, followed by Fidelity’s spot Ethereum ETF, which recorded $22.5 million. 

Other funds recording inflows were Grayscale Ethereum Mini Trust, which received $4.7 million, and Franklin Ethereum ETF, which received a mere $1 million.

Grayscale’s spot Ether ETF product was the only fund to record an outflow, with $39.7 million leaving the fund. The offering also features the highest fee in the lot standing at 2.5%.

To date, Grayscale’s higher-fee product has seen a whopping $2.2 billion in outflows, while BlackRock’s sport Ether ETF has seen $870 million in inflows.

The massive outflows from Grayscale, which hasn’t seen a single day of positive inflows, leave spot Ether ETFs with a combined outflow of $363.68 million.

According to crypto Nate Geraci, BlackRock’s spot Ether ETF is currently one of the top six best performers among all ETF products launched in 2024. Four of the five other ETF products are sport Bitcoin ETFs like BlackRock’s IBIT.

The development comes as BlackRock has filed a proposal to introduce options trading for its iShares Ethereum Trust. According to the filing, the addition will offer investors another tool to gain exposure to spot ether but at a relatively lower cost.

Bitcoin ETF outflows continue

Bitcoin ETFs, on the other hand, saw outflows of $148.6 million on August 6, per SoSoValue data. Since August 2, $554 million has left the 12 bitcoin funds trading in the US.

Fidelity’s FBTC saw the highest outflows on August 6, with $64.48 million moving out, followed by Grayscale’s converted GBTC fund, which saw $32.18 million in outflows. Meanwhile, BlackRock’s IBIT, the largest fund, saw no inflows, alongside seven others.

Despite the poor performance, spot Bitcoin ETFs recorded a trading volume of $2.2 billion. However, to date, the Bitcoin ETF products have seen a whopping $17.19 billion in net inflows. 

The outflows come as Bitcoin continues to recover from the market downturn on August 5, when both Bitcoin and Ethereum recorded double-digit losses.

According to some analysts, Bitcoin’s downturn could continue. Analyst Crypto Rover expects Bitcoin to drop as low as $40,000 if it fails to hold support at the $52,560 mark.

Meanwhile, analyst Timothy Peterson expects a 50-50 chance of Bitcoin dropping to the $40k region or surging to $80 within the next 60 days.

Similarly, analysts did not show much confidence in ETH. According to crypto trader Kaleo, more downside is expected.

At the time of publication, Bitcoin was trading at $56,724, up 1.8% over the past day. Ethereum, however, was down 0.6% on the daily chart, sitting at $2,495.23 despite the inflows into the ETF products.

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