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The positive inflows into ETFs from major players like Fidelity and BlackRock highlight the growing confidence in the investment vehicles.
United States-based spot Bitcoin exchange-traded funds (ETFs) have continued to attract investor interest despite outflows earlier in August.
On Aug. 16, data from SoSoValue revealed that the total weekly net inflow for spot Bitcoin (BTC) ETFs reached $32.58 million, in contrast to the outflows seen in the previous weeks. On Aug. 2, the net outflow for spot Bitcoin ETFs was $80.69 million, while on Aug. 9, the outflow reached $169 million.
However, the total net inflow for spot Bitcoin ETFs on Aug. 16 reached $36 million despite outflows of $72.9 million from the Grayscale Bitcoin Trust on the same day. While GBTC has been experiencing a continuous hemorrhage of funds, other spot Bitcoin ETFs are seeing regular inflows.
Another firm estimates that Ether’s price will rise no more than 24% by the end of the year due to underwhelming demand for the spot ETH products.
The price of Ether will likely be “sensitive” to spot Ether ETF inflows in the coming days, as investors will remember lackluster demand for ETH futures products late last year, says crypto analytics firm Kaiko.
“The launch of the futures-based ETH ETFs in the US late last year was met with underwhelming demand, all eyes are on the spot ETFs’ launch with high hopes on quick asset accumulation,” said Kaiko’s head of indices Will Cai in a July 22 market report.
Several spot Ether (ETH) ETFs received their final approval on July 22 and are now set to go live trading on July 23.