Spot Bitcoin ETF marked significant inflows on August 8, 2024, with an accumulated figure of $194.6 million. BlackRock’s IBIT reported the maximum inflows of $157.6 million. The only outflow on the chart visible is that of Grayscale’s GBTC by $182.9 million. Nevertheless, other ETFs were able to balance the chart and provide a positive flow to the segment.
For instance, FBTC banked an inflow of $65.2 million, and ARKB stood strong at $32.8 million. BTCW followed IBIT in the second position with an inflow of $118.5 million.
The second consecutive day for an inflow was officially marked on August 8, 2024. The numbers for August 7, 2024, were $45.1 million. It had arrived following three days of inflows. The most near miss was on July 31, 2024, when the flow came to $0.3 million, primarily because GBTC did not report any figure. IBIT and GBTC are two separate ends of the world. While IBIT has yet to bank an outflow, GBTC has never registered an inflow to its name. If anything, reports have cited Grayscale’s BTC ETF as having a sufficient impact on the overall product performance.
It has also been cited as a reason for the downtrend in BTC. Fortunately, those days have passed, but the community continues to be concerned about outflows that have not yet subsided. Grayscale must reverse the trend to instill confidence among investors. Furthermore, it would pave the way for more crypto-related ETFs to enter the market with optimism.
Interestingly, the performance of Grayscale is consistent in the Ether ETF segment. ETHE has yet to report any inflow. The last number that came to the surface was for an outflow of $19.8 million as of August 8, 2024. Coupled with Fidelity’s FETH, it balanced the overall structure for a collective outflow of $2.9 million. BlackRock’s ETHA remains the best performer with total inflows of $881.5 million. Its total Spot Bitcoin ETF value is $20,307 million.
That said, Bitcoin is back in action with a surge of 7.30% in the last 24 hours. BTC is listed at $60,922.95. The market crash has an impact on BTC. The token declined to an extent of ~$54,000. There was concern that the market would plummet further and wipe out a larger portion of investors’ holdings. It made a comeback, and investors have instead seen notable gains in their portfolios. Reports indicate that the majority of them are selling to profit from the upward trend.
As for ETH, the token has hovered around $2,668.58, which is up by 9.91% in the last 24 hours at press time. According to the ETH price forecast, ETH is likely to hit the mark of $3,000 by the end of this month, and then it will venture out to chase the long-awaited psychological mark of $4,000.
More crypto ETFs, starting with SOL, are likely to enter the market. Suffice it to say, this is speculation and not a guaranteed outcome for regulated crypto investment vehicles.
