On July 31, 2024, there were some major movements in the Bitcoin and Ethereum Exchange-Traded Funds (ETFs) landscape. While the data for inflows and outflows provide a complete picture of these digital assets, the following tables aggregated from SoSoValue and Lookonchain can also offer insights into their health.
Bitcoin Spot ETFs:
On July 31, 2024, Bitcoin spot ETFs had a net inflow of $298.93K in total, according to SoSoValue Grayscale’s ETF GBTC experienced a net outflow of 27,753 BTC, maintaining its total historical net outflows at $18.94B. Grayscale Bitcoin Mini Trust ETF BTC saw 26,936 votes for +$18M, bringing the total historical inflows to $25 B. The largest daily spot ETFs by aggregate flows were formed by BlackRock, with IBIT seeing a positive balance through yesterday. The inflow bumped IBIT’s historical net inflows to $20.03B overall. As of this writing, the aggregate net asset value of Bitcoin exchange-traded funds stands at $60.12 billion, representing 4.72% of the total market capitalization of Bitcoin. Cumulatively, $17.69 billion has flowed into these investment vehicles since inception.
Bitcoin ETFs:
Lookonchain data suggested that nine US Bitcoin ETFs registered a net outflow of 26,823 BTC totaling $1.77 billion as of July 31. In the case of Grayscale, an outflow of 27,753 BTC worth $1.84 billion was explicitly registered. Currently, Grayscale has 242,413 BTC worth an estimated $16.03 billion in assets under management.
Ethereum ETFs:
Lookonchain’s monitoring reveals that on July 31, 2024, a net total of 15,691 ether was withdrawn from nine US-based Ethereum ETFs. Valued at $51.94 million, this outflow saw Grayscale bear the brunt, with redemptions of 63,612 ether amounting to $210.56 million. Currently, Grayscale retains 2,107,764 ether worth approximately $6.98 billion.
Market Sentiment:
The July 31, 2024, data highlights mixed trends within the Bitcoin and Ethereum ETF markets. Although Bitcoin spot ETFs saw moderate net deposits, both cryptocurrency ETFs generally exhibited significant outflows, especially Grayscale’s funds. BlackRock’s cumulative $20.02 billion net inflow as of July 31, 2024, for Bitcoin ETFs was notably dominating. Grayscale closely trailed with a substantial -$18.9417 billion outflow as of that date. Within the Ethereum ETF market, BlackRock attained $623.265 million, while Grayscale endured a colossal -$1.9771 billion outflow. These figures underscore the dynamic nature and fluctuating investor sentiment within cryptocurrency markets. Evaluating total net asset values alongside historical cumulative net inflows provides a broader context for understanding daily movements. These numbers highlight the current unrest within the cryptocurrency market. However, the ETFs are still a new concept, and the market is expected to stabilize soon.