Bitcoin and Ethereum ETFs start week with slim inflows

Both the US Bitcoin (BTC) and Ethereum (ETH) spot Exchange-Traded Funds (ETFs) started the new week with slim capital inflows.

For Bitcoin funds, the result comes after last week went down as the worst week in months, while Ethereum funds recorded their first-ever green week.

BTC Funds Raise $27.8 Million

First, the Bitcoin funds launched in January. According to new data from Farside Investors, the eleven listed funds raised a total of $27.8 million yesterday.

Inflows were meager, with ARK Invest and 21Shares’ ARKB fund seeing the largest inflows at $35.4 million. BlackRock’s IBIT fund and Grayscale’s recently launched BTC fund, a spin-off of its GBTC fund, were the only other funds to see positive flows, recording inflows of $13.4 million and $7.9 million, respectively.

For the eighth day in a row, Grayscale’s GBTC fund, which has already waved goodbye to more than $19.4 billion, has been hit by capital flight, with $11.8 million leaving the fund this time around. Bitwise was the biggest loser yesterday with $17.1 million in outflows.

While the combined result marks a slim inflow, it comes as a relief after last week’s disappointment, when the funds lost a whopping $176 million last week, making it the worst trading week since mid-June.

ETH funds see lowest inflows since launch

Then there are the Ethereum funds, which are exactly three weeks old today. Data from Farside Investors shows that the brand new funds closed the day yesterday with $5 million in the black.

Fidelity, Bitwise and Franklin Templeton all saw their funds grow, with inflows of $4.0 million, $2.9 million and $1.0 million respectively.

The big news is that Grayscale’s converted ETHE fund, which has been losing capital every day, saw $0 inflows. This simply means that there has been no significant difference between the different flows.

The result comes as a huge relief, but it was already a bit of a foregone conclusion. Outflows have been slowing rapidly since the ETF launched – from a daily average of almost $380 million in the first week to around $120 million in the second week and $36 million last week.

VanEck’s ETHC fund was the only one to shrink yesterday, by $2.9 million to be exact.

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