Bitcoin and Ethereum ETFs Record Inflows in the United States Market

The 12-spot Bitcoin Exchange Traded Funds (ETFs) in the United States market recorded an inflow of $27.8 million after Monday's trading hours

The United States market Bitcoin 12-spot Exchange Traded Funds (ETFs) recorded an inflow of $27.8 million after Monday’s trading hours while spot Ethereum ETFs pulled in $5 million.

The major highlight of Monday’s trading hours is the end of the 14-day outflow streak by Grayscale’s ETHE which ended Monday’s trading hours with zero flows.

Grayscales ETHE has witnessed 14 days of consecutive outflow since it was converted to a spot Ether ETF before the launch of the nine spot Ethereum ETFs.

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Monday was the first time in three days both Bitcoin ETFs and Ethereum ETFs ended the day on a positive note.

Bitcoin ETF’s pull in $27.8 million

According to data from Farside Investors UK, the nine Bitcoin ETFs pulled in a net inflow of $27.8 million.

Ark and 21Shares’ ARKB led the inflows by pulling in a staggering $35.4 million. Blackrock’s IBIT followed suit with $13.4 million in inflows while Grayscale’s BTC pulled in $7.9 million in inflows.

For the Outflows, Bitwise BITB led the outflows for the day with $17.1 million leaving the funds while Grayscale’s GBTC recorded an outflow of $11.8 million.

Other ETF products including Fidelity’s FBTC and VanEck Hodl recorded zero flows for the day.

Bitcoin Price Analysis

At the time of report, Bitcoin is exchanging hands for $58,698 dropping by 0.2% in the last 24 hours with a maximum price of $60,499 and a minimum price of $54,770.

The crypto asset is up by 6.3% on a 7-day scale but down 20.6% from its all-time high.

Ethereum ETFs record $4.9 million inflow

The nine-spot Ethereum ETFs on the other hand recorded an inflow of $5 million one of its smallest in recent days. The trading day for the Ethereum ETFs was marked by the end of a 14-day outflow streak on Grayscale’s ETHE which was converted to a spot Ethereum ETF before the ETFs were launched.

According to Data from Farside Investors UK, Fidelity’s FETH led the inflows for the day pulling in $4 million in inflow while Bitwise ETHW followed suit pulling in $2.9 million.

Franklin Templeton’s EZET recorded an inflow of only $1 million for the day. VanEck’s ETHV recorded the only outflow for the day with $2.9 million leaving the funds.

The total daily trading volume for the spot ether ETFs reached $286 million on Monday, up from $166.9 million on Friday.

Ethereum Price Analysis

At the time of report, Ethereum is currently changing hands for $2,631 dropping by 0.5% in the last 24 hours with a maximum price of $2,737 and a minimum price of $2,608.

The crypto asset is up 6.9% on a 7-day scale but down by 46.2% from its all-time high.

What to Know

Bitcoin and Ethereum have rebounded from the market crash of Monday last week better than other altcoins because of the activities of their respective ETFs.

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