Bitcoin (BTC) and Ethereum (ETH) Show Visible Differences in the Market Following the Launch of Their Spot ETF Products

Bitcoin (BTC) and Ethereum (ETH), the world's leading cryptocurrencies, are showing visible differences following the launch of their spot ETF products.

World’s leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) are displaying a contrasting performance following the launch of their spot ETF products.

While Bitcoin has surged after the debut of its ETF in January, Ethereum has clocked a decline.

This divergence in Bitcoin and Ethereum price action offers a unique perspective on the crypto market’s current condition.

Market Volatility Hits Bitcoin and Ethereum Post ETF Launch

As noted by market analyst Andrew, Bitcoin price has jumped by over 30% since the launch of its spot ETF. On the other hand, Ethereum has clocked a 30% decline following the approval of its ETF in July.

This divergence shows that Bitcoin thrives while Ethereum bleeds post-ETF launch.

BTC ETFs began trading on January 11 when the price of the coin was last noted at $46,121. However, the recent movement in Bitcoin and Ethereum coincides with intense market fluctuations.

The market is suffering from a bland performance, with BTC last noted at lows of $55,100.

The digital asset clocked a loss of 4.16% in the past 24 hours and 7% in the past week. However, its trading volume surged by 23% in the past 24 hours, reaching $38 billion.

As for Ethereum, it has continued to decline sharply since investors began trading its ETF in July at a price of $3,440. Ethereum has lost its support zone around the $2,400 level, which was acting as a crucial level for the coin’s upward momentum.

At the last check, ETH was trading at $2,297, down by 2.8% in the past day. Similar to Bitcoin, ETH’s trading volume also increased, rising by 31.7% to reach $17.7 billion in the same timeframe.

The latest data from Farside Investors shows consistent outflows in the spot Bitcoin ETF market over the last seven days.

On Thursday, September 5, Bitcoin ETFs recorded outflows of $211.1 million. Fidelity’s Bitcoin ETF (FBTC) recorded the highest net outflows at $149.5 million, outpacing GBTC’s $23.2 million outflows.

Bitwise’s BITB saw an outflow of $30 million, and BlackRock’s IBIT recorded a net zero daily inflow.

Ethereum spot ETFs also recorded consistent outflows, similar to what was observed in the Bitcoin market. According to Farside, these ETFs, excluding Grayscale’s ETHE, all recorded a net zero daily inflow on Thursday.

ETHE saw outflows of $7.4 million, marking a three-day streak of net outflows.

The major outflows from these ETFs add to the market’s continued volatility. Moreover, the current figures highlight the ongoing negative sentiment among institutional investors.

Thus, Bitcoin and Ethereum are likely to surge higher with increasing momentum in the ETF market.

For Bitcoin, a key support level has formed at $51,000. Analysts are being cautious, noting that Bitcoin price could plunge to a low of $40,600 if it loses this key support level.

Meanwhile, Ethereum’s mid-term perspective shows no reversal signals at the moment. However, if the candle closes far from its low, traders may witness a bounce back to the $2,500 range soon.

The above is the detailed content of Bitcoin (BTC) and Ethereum (ETH) Show Visible Differences in the Market Following the Launch of Their Spot ETF Products. For more information, please follow other related articles on the PHP Chinese website!