Key facts
- U.S. spot Bitcoin ETFs experienced net outflows of $85 million on Wednesday.
- Ether ETFs recorded inflows of approximately $70 million on the same day.
- This marks the end of a three-day inflow streak for Bitcoin ETFs.
- It is the fifth consecutive session of inflows for Ether ETFs.
- Bitcoin traded near $62,300, while Ether was near $1,740, both down approximately 3%.
U.S. spot Bitcoin exchange-traded funds (ETFs) experienced net outflows totaling $85 million on Wednesday, halting a three-day period of inflows that had seen approximately $509 million enter the funds. Concurrently, spot Ether ETFs continued their positive trend, attracting about $70 million, marking their fifth consecutive session of inflows.
The outflows for Bitcoin ETFs were widespread. BlackRock's iShares Bitcoin Trust (IBIT) saw a decrease of roughly $59 million, while Grayscale Bitcoin Trust (GBTC) lost nearly $64 million. Fidelity's FBTC also experienced outflows of about $15 million. The only Bitcoin fund to see positive flows was Grayscale's mini BTC fund, which gained nearly $53 million. Total assets under management for Bitcoin ETFs fell to approximately $75 billion.
Inflows for Ether ETFs, while from a narrower base, consistently pointed upward. Fidelity's Ether ETF (FETH) led with approximately $69 million in inflows, and VanEck's ETHV added just over $1 million, with other funds remaining flat. Total assets for Ether ETFs stand at about $9 billion.
This divergence in ETF flows mirrored price action, with Bitcoin trading near $62,300 and Ether near $1,740, both down about 3% on the day. However, Ether has outperformed Bitcoin over the past two weeks, driven by developments in its roadmap and renewed ETF demand, providing it with a narrative that Bitcoin has lacked.
Analysts note that the return to inflows for Bitcoin ETFs is significant, interrupting a bearish flow streak and suggesting institutional demand remains present, though the overall market sentiment is mixed due to continued pressure on Ether funds. Ether's lack of persistent institutional demand through its ETF products makes it more vulnerable during market downturns compared to Bitcoin, which benefits from ETF support.