Ethereum ETFs See Highest Outflow Since July 29 as Bitcoin Rallies for Third Straight Day
Highlights:
- Ethereum ETFs have recorded net outflows in its most recent statistics, marking its highest losses since July 29.
- Bitcoin ETFs registered gains, sustaining the positive trend for the third consecutive day.
- Bitcoin and Ethereum prices witnessed significant leaps, underscoring faith in cryptocurrencies’ potential to skyrocket soon.
Renowned Exchange Traded Funds (ETFs) tracker Spotonchain has released Bitcoin (BTC) and Ethereum’s (ETH) flow data for the first day of the new week. While Bitcoin ETFs saw net inflows, its Ethereum counterparts recorded losses to end its 2-day back-to-back positive flows.
Per Spotonchain, Ethereum ETFs recorded $79.3 million in losses, marking its highest net outflows since July 29. On the other hand, Bitcoin ETFs recorded a subtle $4.5 million in net inflows. Unlike ETH commodities, BTC’s latest flow data implies the ETFs sustained gains for the third consecutive day.
🇺🇸 Spot ETF: 🟢$4.5M to $BTC and 🔴$79.3M to $ETH
🗓️ Sep 23, 2024👉 The ETH ETFs just experienced the largest single-day net outflow since July 29!
Follow @spotonchain and check out the latest updates about #Bitcoin and #Ethereum #ETFs via https://t.co/MQC1VCBl4V pic.twitter.com/CvxA1IkrYa
— Spot On Chain (@spotonchain) September 24, 2024
Minimal Activities Recorded Among ETH ETFs
Ethereum ETFs witnessed inflows and outflows from two entities. The only inflow came from Bitwise Ethereum ETF (ETHW). For context, ETHW welcomed profits of about $1.3 million. The recorded value was insignificant relative to Grayscale Ethereum ETF (ETHE) outflows that reflected $80.6 million.
Aside from the commodities above, the remaining seven Ethereum ETFs saw zero activities, underscoring a quiet trading day. Meanwhile, Ethereum ETFs’ cumulative flow maintained losses at roughly $686.68 million. Should the negative current trend persist, chances abound that Ethereum ETF total netflow losses will hit a billion dollars in no distant time.
Other relevant statistics revealed that the total value traded has reached $167.35 million. On the other hand, total net assets read $7.2 billion, reflecting 2.25% of Ethereum’s entire market capitalization.
FBTC Tops Net Inflows Chart as BTC ETFs Record Slight Gains
Like Ethereum, only four out of eleven Bitcoin ETFs recorded activities. However, contrary to Ethereum, three Bitcoin commodities registered net inflows while only one welcomed losses. Like Ethereum, Grayscale Bitcoin ETF (GBTC) witnessed the only outflows at roughly $40.3 million.
For-profits, Fidelity Bitcoin ETF (FBTC) and BkackRock Bitcoin ETF (IBIT) led the inflow charts with $24.9 million and $11.5 million, respectively. Notedly, Grayscale Mini (BTC) also recorded gains of roughly $8.4 million. Other than the four highlighted commodities, the remaining seven registered zero activities.
Considering its relatively insignificant netflow valuation, the influence on the cumulative net inflow was meager as the valuation remained around the $17.7 billion range. Meanwhile, the total value traded read approximately $949.73 million, while total net assets reflected roughly $57.91 billion.
Ethereum’s Price Gradually Edges Closer to $3,000
At the time of writing, ETH is changing hands at about $2,650, reflecting a slight 0.7% upswing in the past 24 hours. In its 7-day-to-date data, Ethereum recorded an impressive 14.9% upswing, with minimum and maximum prices ranging between $2,293.30 – $2,684.16.
The wide disparity in price extremes speaks volumes of ETH’s resilience as it journeys towards reclaiming $3,000. Meanwhile, other relevant statistics revealed that Ethereum boasts approximately $319.8 billion in market capitalization. 24-hour trading volume was remarkable, with a $16.38 billion valuation.
Bitcoin’s Continues to Stabilize Below $65,000
Like ETH, Bitcoin’s price has also mirrored a positive swing despite remaining below $65,000. It is up by about 0.6% in the past 24 hours with an approximate $63,800 selling price.
In its 7-day-to-date price change variable, BTC took a massive 8.6% leap, with minimum and maximum prices ranging between $58,722.16 – $64,501.16. The price extremes also reflected an impressive rebound journey, spewing positive sentiments for the entire crypto market.
Chinedu Agbakwusi
Chinedu Agbakwusi is a news writer and editor for Crypto2Community. He is a crypto enthusiast with vast experience across several crypto-related projects and platforms. Chinedu has been following the development of the crypto market for several years, and he is optimistic about its potential to democratise the global financial system. He hopes to be a reliable plug for reporting trends and breaking down complex concepts to his readers. Agbakwusi's previously written for several crypto news including Times Tabloid, UPay, while also contributing over the years to many others leading media publications.
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