Farside Investors, a market analytical platform, recently released data revealing that the nine approved spot Ethereum ETFs recorded $98.4 million in net inflow as of Tuesday, August 6. This is over double the amount of inflow recorded on Monday. Most of these inflows, worth $109.9 million, came from BlackRock through its iShares Ethereum Trust ETF (ETHA) fund.
This has pushed its cumulative inflow above the $850 million milestone. Data released by Farside Investors says that the Fidelity Ethereum Fund (FETH) recorded significant investment inflow, accounting for over $22.5 million. Franklin Templeton’s EZET had over $1 million, and Grayscale’s mini ETH ETFs recorded $4.7 million.
The outflow in Grayscale Ethereum Trust (ETHE) has persisted, with $39.7 million cashed out on Tuesday. Grayscale Ethereum Trust has recorded $2.2 billion since its official launch in the United States on July 23, 2024. However, other spot Ethereum ETFs did not record any inflow at the time of this report.
Bitcoin ETFs Records $148.6 Million inflow, $2.20 Billion in Trading Volume
According to data from SoSoValue, the spot Ethereum ETF cumulative daily trading volume on Tuesday, August 6, is $319.8 million. This is less than the total trade recorded on Monday, which stood at $715.2 million, and much less than the $438.6 million traded on Friday. On Tuesday, all eleven approved spot Bitcoin ETFs recorded $148.6 million in net inflow, maintaining this trend this week.
Fidelity Wise Origin Bitcoin (FBTC) Fund ETFs recorded the biggest outflow at $64.5 million. Other major outflows include Grayscale Bitcoin Trust, which recorded $32.2 million; ARK 21Shares Bitcoin ETF, which recorded $28.9 million, and Franklin Bitcoin, which had $23 million. The rest of the spot Bitcoin ETFs have maintained a neutral position.
This situation has been attributed to the current fluctuation in the cryptocurrency market caused by Fear, Uncertainty, and Doubt (FUD). SoSoValue data also stated that the cumulative trading volume of the Bitcoin ETFs is currently at $2.20 billion as of August 6. This is much lower than the $5.24 billion it recorded on Monday and the $2.34 billion it recorded on Friday.
Market Fluctuation Linked to Bank of Japan Activities, Massive Assets Liquidation
Bitcoin spot ETFs are currently valued at $51.5 billion, with total outflows of $528 million recorded this previous week. This officially marked the first drop after it maintained four weeks of consecutive growth.
This low performance is linked to the continued fear of the expected recession in the United States and the rising global political tension that has resulted in significant liquidations of different types of assets, the global stock market being the worst affected. Considering the recently increased interest rate, the Bank of Japan has also contributed to the current market situation.
This was the first time in 17 years that the country had taken such a step, further igniting worries about the dropping purchasing power of the yen against the United States dollar. This assertion is the main reason behind the recent mass sell-off in the market. The rising political tension in Israel, Palestine, and the rest of the Middle East has also contributed to the recent fluctuation, increasing market uncertainty.
Bitcoin Moves Above $1.1 Trillion Position, Ethereum Rise By 1.2%
CoinGecko analysis says that the market capitalization for the global cryptocurrency industry experienced a slight rebound, thus growing 2%, representing $2.02 trillion in the last 24 hours. Bitcoin has recently made recovery efforts when it made a 4.14% rise, moving from its initial $55,000 price mark to trade at $57,115.
The recent increase in price has pushed the market capitalization of Bitcoin above the initial $1.1 trillion position – with a daily trading volume of $46 billion. Ethereum also increased by 1.2% in the last 24 hours to trade at $2,518 as of press time.
Meanwhile, an X account, with the profile name HTL-NL, has warned against the succession of a lower high, considering the monthly level of the Relative Strength Index (RSI). On August 6, the account posted that the change in global macroeconomics would trigger an aggressive return of the cryptocurrency bullish position.
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