The spot Ethereum ETFs have reportedly turned green with significant inflows while Bitcoin ETFs have witnessed outflows on July 30. A prominent on-chain analytics platform Spot On Chain disclosed that BTC ETFs saw $18M in outflows while ETH ETFs experienced $34M in inflows, indicating a shift in the investor sentiment. The analytics provider took to its official social media account to provide the details of the ETFs.
Ethereum ETFs See Long-Awaited Inflows While Bitcoin ETFs Record Negative Flows
In its exclusive X post, the company noted that the total outflows of BTC ETFs reached $18M on the 30th of this month. This indicates that the Bitcoin ETFs have turned somehow negative following 4 consecutive days with positive inflows. While providing the information about the individual BTC ETFs, Spot On Chain mentioned that BlackRock (IBIT) remained green. The ETF gained $74.9M in inflows.
On the other hand, Valkyrie (BRRR), Franklin (EZBC), Invesco (BTCW), and Wisdom Tree (BTCO) recorded $0 flows. However, Fidelity (FBTC) and Bitwise (BITB) saw an outflow of $2.9M and $3.2M respectively. Additionally, VanEck (HODL) and ARK 21Shares (ARKB) recorded outflows of $5.6M and $7.9M respectively. Nonetheless, Grayscale (GBTC) emerged as the chief BTC ETF in terms of outflows with an amount of $73.6M.
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In the case of Ethereum ETFs, BlackRock (ETHA) dominated the market with an inclusion of $118M. Fidelity (FETH) and Grayscale Mini (ETH) recorded $16.4M and $12.4M worth of inflows respectively. In addition to this, Franklink (EZET) and Bitwise (ETHW) added $3.7M and $3.5M. Contrarily, VanEck (ETHV), Invesco (QETH), and 21Shares (CETH) saw no inflows. Grayscale (ETHE) turned out to be the single ETH ETF with $120.3M in Outflows.
The Positive ETH Flows May Lead to a Trend Reversal and a Relief in the Selling Pressure
According to Spot On Chain, the negative net flow of BTC ETFs signifies a shift in the overall market sentiment. The potential cause behind this takes into account the short-term profit-taking. Another reason may include the wider market conditions. Conversely, the positive net flow of ETH ETFs points toward a renewal of investor confidence and interest in Ethereum. The reduction in Grayscale’s outflows indicates a potential ease in the huge selling pressure. This may result in a trend reversal and stabilization.