Spot Bitcoin and Ethereum exchange-traded funds in the United States have recorded poor results this week as bears dominate the market sentiment.
According to data provided by Farside Investors, spot Bitcoin (BTC) ETFs recorded a net inflow of roughly $300,000 yesterday, July 31. BlackRock’s iShares Bitcoin Trust (IBIT) saw $21 million in inflows, continuing its third consecutive month without any outflows.
On July 31, Grayscale also launched its spot Bitcoin Mini Trust, with the BTC ticker, on NYSE Arca. The newly-born ETF registered $18 million in inflows on its debut day. However, the inflows into these two ETFs were neutralized by the outflows coming from Fidelity’s FBTC, Bitwise’s BITB, and Ark 21Shares’ ARKB, worth $38.7 million in total. The remaining investment products stayed neutral.
Data from Farside Investors shows that spot Ethereum (ETH) ETFs saw $77.2 million in net outflows on July 31. Expectedly, the outflows came from Grayscale’s ETHE fund, worth $133.3 million. So far, the ETHE fund has registered $1.97 billion in net outflows since its launch on July 23.
On the other hand, Grayscale’s Mini ETH fund recorded $19.5 million in inflows yesterday. Fidelity’s FETH followed with $18.8 million in inflows while BlackRock’s ETHA fund saw only $5 million in inflows. VanEck’s ETHV, Bitwise’s ETHW, and Ark 21Shares’ CETH ETFs also registered $4.8 million, $4.7 million, and $3.3 million in inflows, respectively. Invesco’s QETH and Franklin Templeton’s EZET remained neutral.
The bearish sentiment around spot BTC and ETH ETFs comes as the broader cryptocurrency market takes a downturn. According to data from CoinGecko, the global crypto market capitalization dropped by 3.1% over the past 24 hours and is currently sitting at $2.41 trillion.
Bitcoin is down by 3.2% in the past 24 hours and is trading at $64,275 at the time of writing. Ethereum plunged 4.6% over the past day and is currently changing hands at $3,170.