The Exchange Traded Funds (ETF) for the first and second largest crypto asset by Market capitalization performed mildly on Wednesday, recording low figures on both ends of the spectrum.
The 12 spot Bitcoin ETFs in the United States market attracted a net inflow of $45 million while the nine Ethereum ETFs witnessed $23 million leaving the funds on Wednesday.
The Exchange Traded Funds seems to be done reacting to the Monday market crash which saw huge sell offs in the market leading to Binance recording a staggering $1.5 billion inflow in just over 24 hours.
Spot Bitcoin ETFs returned to positive flow after three days of outflow that saw about $554 million leave the 12 spot bitcoin ETFs.
On Wednesday, the 12 spot bitcoin ETFs attracted an inflow of $45.1 million ending a three-day streak of outflows.
According to Data from Farside Investors UK, BlackRock’s IBIT led the inflows for the day with a net inflow of $52.5 million. Blackrock’s IBIT was followed by Wisdom tree’s BTCW which recorded an inflow of $10.5 million and Grayscale’s Bitcoin Mini Trust which attracted $9.7 million in inflows.
The last inflow for the day was recorded by Bitwise BITB which attracted a meagerly $3 million.
The only outflow for the day was recorded by Grayscale’s GBTC with about $30.6 million leaving the funds.
The remaining seven Funds including Fidelity and VanEck recorded zero flows and no activity for the day.
According to Data from Soso Value, The Total trading volume for the 12 bitcoin ETFs yesterday was $1.79 billion a decline from Tuesdays $2.2 billion.
Bitcoin Price analysis at the moment
At the time of report Bitcoin is exchanging hands for $57,426 dropping by only 0.1% in the last 24 hours with maximum price of $57,626 and minimum price of $54,583.
The crypto asset is down by 22.2% from its all time high of $73,737.
Ethereum ETFs ends day on deficit
For the nine Ethereum ETFs, the trading day ended in deficit with $23.7 million leaving the funds.
According to Data from Farside Investors UK, Grayscale’s ETH led the outflows recording $31.9 million in Outflows. It was the only Ethereum ETF to record an outflow.
Fidelity’s FETH attracted $4.7 million in inflows, Franklin Templeton attracted $1.8 million in inflows while Bitwise ETHW attracted 1.7 million in inflows. The Total daily trading volume of the Ethereum ETFS hit $322.85 million yesterday.
Ethereum Price Analysis for the moment
At the time of report, Ethereum is exchanging hands for $2,445 dropping by 2.0% in the last 24 hours with a maximum price of $2,498 and a minimum price of $2,320.
The crypto asset is down $49.9% from its all-time high of $4,878.
What To Know
- Both ETFs gives institutional investors the opportunity to invest in Bitcoin and Ethereum without actually owning any of the Assets.
- Bitwise CIO Matt Hougan predicted that the Ethereum ETFs will pull in $15 billion in its first 18 months.
