Bitcoin ETF Inflows Continue, Ether ETFs Outflows Slow

Spot Bitcoin ETFs logged significant inflows on Aug. 20, while Ether ETFs continued their outflow streak. This contrasting trend comes amidst price struggles

Bitcoin (BTC) ETFs saw a net inflow of $88.06 million on Aug. 20, while Ether (ETH) ETFs continued to experience outflows.

This comes as both leading crypto assets struggle to maintain their price levels amid a bearish market trend. According to data from Spotonchain, BTC ETFs noted a cumulative inflow on Aug. 20, marking the second day this week of strong inflows.

The net flow has been positive and increasing for four consecutive days now. Among the funds, BlackRock’s (NYSE:IBIT) IBIT fund led the inflows once again with an impressive $55.4 million, pushing its total inflows since launch to $20.53 billion.

After a day of no activity in the previous session, ARK 21Shares’ ARKB fund saw an inflow of $51.9 million. Most BTC ETFs saw positive movement, but Grayscale’s GBTC fund faced outflows.

As the second-largest fund in the market, GBTC recorded the largest outflow among the funds, totaling $12.8 million. Biwise’s BITB fund also saw an outflow of $6.5 million. Despite these outflows, the net impact remained positive as inflows from leading funds offset these losses.

Bitcoin ETFs’ Institutional Ownership Surges in Q2 2024

On the same day, trading volume for Bitcoin ETFs surged to $1.35 billion, a 73% jump from the $779 million traded the day before. Since their inception, BTC ETFs have seen a total of $17.5 billion in inflows.

Meanwhile, institutional ownership of Bitcoin ETFs rose to 24% by the end of Q2 2024, a significant increase from the previous quarter. Among the major institutional investors, Goldman Sachs (NYSE:GS) now holds $412 million in the ETFs, and Morgan Stanley (NYSE:MS) has $188 million in ETF shares. These holdings show broader market engagement despite the bearish trend in BTC’s price.

However, despite the positive inflows, BTC’s price is down 1.7% at the time of writing, trading at $59,842. This marks a further drop from its recent high of $62,000.

Ether ETFs Outflows Slow

In contrast to Bitcoin ETFs, Ether ETFs experienced a net outflow of $6.49 million on Aug. 20, although the pace of outflows has slowed compared to previous days.

Grayscale’s ETHE fund led the outflows with $37 million leaving the fund, bringing its total outflows to $1.47 billion since its launch on July 23. However, BlackRock’s ETHA fund recorded an inflow of $26.8 million, continuing its positive inflows trend.

Moreover, Biwise’s ETHW fund also saw an inflow of $3.7 million. Notably, six other Ethereum ETFs saw no inflows or outflows on the day.

Trading volume for Ether ETFs also rose on Aug. 20 to reach $194.6 million, showing an increase from the previous day. Despite this volume surge, the cumulative net outflow for spot Ether ETFs has reached $440.11 million.

As the second-largest cryptocurrency struggles to maintain levels post-ETH ETF launch, the outflows continue and are likely to factor into further price movements for ETH, which was priced at $2,600 at the time of writing, down by 2.6%.