On July 29, US spot Bitcoin ETFs pulled in $32.1 million, putting an end to a four-day streak of outflows that totaled over $500 million. Meanwhile, Ethereum ETFs moved in the opposite direction, shedding $18.65 million in a single day. This contrasting flow highlights shifting investor sentiment between the two leading digital assets.
BlackRock Drives Bitcoin ETF Recovery
The surge in Bitcoin ETF inflows was largely fueled by BlackRock’s Bitcoin ETF, which attracted nearly $90 million, now managing assets of $60.42 million. This figure dwarfs the combined gains in the ETF market, indicating that without BlackRock’s fund, Bitcoin ETFs overall would still be experiencing net outflows. Other Bitcoin ETFs saw withdrawals, including Fidelity's Wise Origin Bitcoin Fund losing $43.1 million and ARK 21Shares ETF dropping $14.6 million. Despite these internal differences, the Bitcoin price briefly dipped below $63,300 before climbing back to around $64,500.
Ethereum ETFs Struggle Despite Some Interest
Ethereum's ETF space painted a more challenging picture. According to Farside Investors, spot Ether ETFs recorded net outflows of $32.9 million on the same day. BlackRock's iShares Ethereum Trust bucked the trend with a $5.2 million inflow but wasn’t enough to offset the broader pullback. Even though Ethereum ETFs faced heavy withdrawals, the cryptocurrency managed to hold onto its overall gains for the entire month of July. The market's Fear & Greed index remains low at 28, signaling caution among investors.
This information is for educational purposes and should not be considered financial advice.
