The 12-spot Bitcoin Exchange Traded Funds (ETFs) in the United States market recorded an inflow of $27.8 million after Monday’s trading hours while spot Ethereum ETFs pulled in $5 million.
The major highlight of Monday’s trading hours is the end of the 14-day outflow streak by Grayscale’s ETHE which ended Monday’s trading hours with zero flows.
Grayscales ETHE has witnessed 14 days of consecutive outflow since it was converted to a spot Ether ETF before the launch of the nine spot Ethereum ETFs.
Monday was the first time in three days both Bitcoin ETFs and Ethereum ETFs ended the day on a positive note.
Bitcoin ETF’s pull in $27.8 million
According to data from Farside Investors UK, the nine Bitcoin ETFs pulled in a net inflow of $27.8 million.
Ark and 21Shares’ ARKB led the inflows by pulling in a staggering $35.4 million. Blackrock’s IBIT followed suit with $13.4 million in inflows while Grayscale’s BTC pulled in $7.9 million in inflows.
For the Outflows, Bitwise BITB led the outflows for the day with $17.1 million leaving the funds while Grayscale’s GBTC recorded an outflow of $11.8 million.
Other ETF products including Fidelity’s FBTC and VanEck Hodl recorded zero flows for the day.
Bitcoin Price Analysis
At the time of report, Bitcoin is exchanging hands for $58,698 dropping by 0.2% in the last 24 hours with a maximum price of $60,499 and a minimum price of $54,770.
The crypto asset is up by 6.3% on a 7-day scale but down 20.6% from its all-time high.
Ethereum ETFs record $4.9 million inflow
The nine-spot Ethereum ETFs on the other hand recorded an inflow of $5 million one of its smallest in recent days. The trading day for the Ethereum ETFs was marked by the end of a 14-day outflow streak on Grayscale’s ETHE which was converted to a spot Ethereum ETF before the ETFs were launched.
According to Data from Farside Investors UK, Fidelity’s FETH led the inflows for the day pulling in $4 million in inflow while Bitwise ETHW followed suit pulling in $2.9 million.
Franklin Templeton’s EZET recorded an inflow of only $1 million for the day. VanEck’s ETHV recorded the only outflow for the day with $2.9 million leaving the funds.
The total daily trading volume for the spot ether ETFs reached $286 million on Monday, up from $166.9 million on Friday.
Ethereum Price Analysis
At the time of report, Ethereum is currently changing hands for $2,631 dropping by 0.5% in the last 24 hours with a maximum price of $2,737 and a minimum price of $2,608.
The crypto asset is up 6.9% on a 7-day scale but down by 46.2% from its all-time high.
What to Know
Bitcoin and Ethereum have rebounded from the market crash of Monday last week better than other altcoins because of the activities of their respective ETFs.
Leave a Comment