Spot Bitcoin exchange-traded funds (ETFs) in the United States experienced a notable inflow of $11.11 million on August 15, signaling a positive shift in investor sentiment. This comes in stark contrast to the performance of spot Ethereum ETFs, which witnessed substantial outflows, halting a three-day streak of gains.
Bitcoin ETFs Rebound with Strong Inflows
Data from SoSoValue shows that twelve U.S. spot Bitcoin ETFs collectively recorded an inflow of $11.11 million on August 15, reversing the negative trend observed the previous day. Fidelity’s FBTC led the charge, attracting $16.2 million in inflows. Grayscale’s Bitcoin mini trust and Bitwise’s BITB followed with $13.7 million and $6.2 million in inflows, respectively. However, Grayscale’s GBTC stood out as the only Bitcoin ETF to report outflows, losing $25 million, bringing its total net outflows to $19.57 billion since its inception. The other seven Bitcoin ETFs reported no significant changes in their flows for the day.
Ethereum ETFs Hit by Major Outflows
While Bitcoin ETFs enjoyed positive inflows, the situation was quite different for Ethereum ETFs. The nine Ethereum ETFs recorded a combined outflow of $39.21 million on August 15, a sharp reversal from the previous inflows of $10.8 million and $24.3 million. Grayscale’s ETHE was the hardest hit, seeing continued outflows of $42.5 million, with total outflows reaching $2.38 billion since the fund’s launch. On the other hand, Fidelity’s FETH and BlackRock’s ETHA managed to attract modest inflows of $2.5 million and $0.8 million, respectively. Despite the outflows, trading volume for Ethereum ETFs surged, totaling $240.58 million, surpassing the previous day’s figures. However, these funds have experienced a cumulative net outflow of $405.11 million to date.
Leveraged Fund Gains Attention Amid Market Calm
Amid these developments, the U.S. Securities and Exchange Commission recently approved the launch of MSTX, a new leveraged ETF by Defiance, aimed at providing 175% daily long exposure to MicroStrategy. The fund allows investors to gain leveraged exposure to innovative companies without the need for a margin account. MSTX made a strong debut, generating $22 million in trading volume on its first day, potentially setting a new record according to Bloomberg’s Senior ETF Analyst, Eric Balchunas.
Despite the buzz surrounding the launch of MSTX and the introduction of another ETF, IBIT, the broader cryptocurrency market remained relatively stable. Bitcoin saw only a modest gain of 0.77%, while Ethereum increased by a mere 0.16%, as per data from crypto.news. Bitcoin briefly dipped below $57,000 but recovered to $58,442 at the time of writing. However, some cryptocurrencies like Aptos and Celestia suffered significant losses, with daily declines of 4.9% and 3.8%, respectively.
As the market fluctuates, analysts are closely watching Bitcoin’s price action. In a post on X, analyst Rekt Capital noted that Bitcoin is currently retesting the bottom of its trading channel as support. They emphasized that maintaining stability at this level could positively impact the cryptocurrency’s potential for an upward trend in the future. The coming days will reveal whether the bulls or the bears will gain the upper hand in this volatile market.
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