Changes in Bitcoin and Ethereum ETF Landscape in July 31, 2024
On July 31, 2024, the Bitcoin and Ethereum exchange-traded fund (ETF) landscape underwent significant changes, as reported by SoSoValue and Guan Lian. The data on inflows and outflows provided a comprehensive overview of the health status of these digital assets.
Bitcoin Spot ETF: Insights and Analysis
According to SoSoValue, Grayscale’s ETF GBTC data revealed that as of July 31, 2024, the Bitcoin spot ETF saw a total net inflow of US$298.93K. Meanwhile, the net outflow of GBTC amounted to 27,753 BTC, with a historical total net outflow of $18.94B. The Grayscale Bitcoin Mini Trust ETF BTC received 26,936 votes totaling +$18M, bringing the total historical inflows to $25B. The Inverse Bitcoin Trust (IBIT) also showed a positive balance on that day, reaching a total historical net inflow of $20.03B. The total net asset value of Bitcoin exchange-traded funds stood at $60.12 billion, accounting for 4.72% of Bitcoin’s total market capitalization. Cumulative inflows since the inception of these investment vehicles totaled $17.69 billion.
Transitioning onwards to the Bitcoin ETF market analysis by Lookonchain, data indicated that 9 U.S. Bitcoin ETFs witnessed a net outflow of 26,823 BTC, totaling US$1.77 billion as of July 31, 2024. Grayscale managed 242,413 Bitcoins worth an estimated $16.03 billion.
Ethereum ETF: Trends and Observations
Lookonchain’s monitoring on July 31, 2024, showed that a total of 15,691 Ethereum coins were net withdrawn from 9 Ethereum ETFs in the United States. Grayscale experienced a significant outflow, redeeming 63,612 Ether worth $210.56 million. Currently, Grayscale holds 2,107,764 Ethereum, valued at approximately $6.98 billion.
Market Sentiment and Analysis
The data for July 31, 2024, showcased mixed trends in the Bitcoin and Ethereum ETF markets. While the Bitcoin spot ETF saw modest net deposits, both cryptocurrency ETFs experienced significant outflows, particularly in Grayscale’s fund. BlackRock’s Bitcoin ETF dominated the market with net inflows of US$20.02 billion, while Grayscale reported outflows of $18.9417 billion. In the Ethereum ETF market, BlackRock recorded $623.265 million in inflows, contrasting with Grayscale’s substantial outflows amounting to $1.9771 billion. These figures highlighted the dynamic nature of the cryptocurrency market and the fluctuations in investor sentiment.
In conclusion, considering total net asset value and historical cumulative net inflows provides a broader context for understanding daily movements in the ETF market. Despite the current turmoil, the market is anticipated to stabilize soon.
