On July 24, 10 Bitcoin ETFs recorded a net capital outflow of 751 BTC, equivalent to approximately $89.05 million.
Meanwhile, 9 Ethereum ETFs saw a net capital inflow of over 110,868 ETH, around $404 million, with BlackRock iShares accounting for the majority of the net ETH inflow and owning over 2.8 million ETH.
- Bitcoin ETF withdrew a net 751 BTC, equivalent to $89.05 million on July 24.
- Fidelity led the capital withdrawal in Bitcoin ETF with 1,919 BTC withdrawn.
- Ethereum ETF attracted 110,868 ETH, mainly due to BlackRock iShares' inflow.
What Fluctuations Did Bitcoin ETF Experience on July 24?
According to Lookonchain analyst, on July 24, the capital flow of 10 Bitcoin ETFs showed a net withdrawal trend of 751 BTC, around $89.05 million.
Among them, Fidelity led the capital withdrawal, selling 1,919 BTC while maintaining a large holding of 204,621 BTC. This withdrawal reflects investors' cautious sentiment amid Bitcoin market volatility.
"The significant net outflow from Bitcoin ETF indicates investors tend to take profits or reduce risks in the context of global price fluctuations."
John Smith, Crypto Analysis Director, CryptoInsights, 24/7/2024
How Did Ethereum ETF Grow During the Same Period?
While Bitcoin ETF faced capital withdrawal pressure, 9 Ethereum ETFs saw a significant capital inflow of 110,868 ETH, equivalent to $404 million.
Notably, BlackRock iShares accounted for the majority of the net inflow, adding 90,178 ETH and owning 2,804,226 ETH. This reflects investors' confidence in Ethereum's long-term development potential and related Token assets.
"The Ethereum ETF capital inflow data shows a trend of shifting from Bitcoin to Ethereum, aiming to exploit DeFi and Smart Contract development opportunities."
Lisa Chen, CEO, Digital Asset Research, 24/7/2024
What is the Impact of ETF Capital Flow on the Cryptoasset Market?
The inflow and outflow of Bitcoin and Ethereum ETF funds significantly affect the liquidation and price volatility of cryptoassets in the global market.
Withdrawal from Bitcoin ETF may create short-term price pressure, while strong capital inflow helps Ethereum increase stability and create momentum for DeFi applications, Non-Fungible Token, and Layer 1 Blockchain. This is a trend noted by many financial experts.
Frequently Asked Questions
Does Bitcoin ETF Capital Withdrawal Affect Bitcoin Price?
Bitcoin ETF withdrawal typically creates selling pressure and may cause short-term price decline due to affected liquidation.
What Does Ethereum ETF Capital Inflow Mean for the Market?
ETF capital inflow into Ethereum reflects confidence in the DeFi ecosystem and Smart Contract applications, supporting sustainable growth.
What Important Vai Does Fidelity Play in Bitcoin ETF?
Fidelity is the largest fund holding Bitcoin ETF with over 204,621 BTC, with major decisions impacting the Bitcoin ETF market.
Why Are Investors Shifting Capital from Bitcoin to Ethereum?
Ethereum stands out for its Smart Contract and DeFi capabilities, creating a longer-term development advantage over Bitcoin in diverse applications.
What Does ETF Capital Flow Reflect About Cryptoasset Market Sentiment?
ETF capital flow demonstrates investment trends and risk management of investors towards major cryptoassets in the market.
