US-listed spot Bitcoin exchange-traded funds (ETFs) drew $244.4 million in net inflows on Wednesday, bolstering their momentum as August began.
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AAPLBitcoin ETF inflows intensify
Spot Bitcoin ETFs in the US started the month with a strong performance, locking in a combined $626 million in net inflows across three consecutive sessions, according to data from SoSoValue.
Among these, BlackRock’s iShares Bitcoin Trust ETF (IBIT), a product from leading asset manager BlackRock, led the sector with $479 million in net inflows during the three-day span. Cumulative net inflows for IBIT have now reached nearly $61 billion, Farside Investors reported.
The surge in ETF inflows followed Bitcoin’s price moving above $64,920 at one point on Wednesday. Bitcoin was last recorded at $64,744.53, representing a 0.7% increase over the last 24 hours, based on CoinGecko figures.
Market sentiment and price movement
Despite strong inflows and a positive price trend, sentiment among cryptocurrency investors remained cautious. The Crypto Fear & Greed Index, which monitors the emotional state of the broader crypto market, held steady in the “Extreme Fear” zone with a score of 25, falling from 27 the previous day.
Many investors and analysts view sustained ETF inflows as an indicator of growing institutional interest in Bitcoin. However, persistent fears about market volatility and security risks have kept overall sentiment restrained.
BlackRock, headquartered in New York, is the world’s largest asset manager. Its iShares ETFs play a significant role in the development of crypto-backed products for institutional and retail investors.
Mini dictionary: Crypto Fear & Greed Index, a tool that aggregates various market indicators to gauge the prevailing sentiment among cryptocurrency investors. Scores below 25 are considered “Extreme Fear,” potentially signaling undervalued market conditions or pessimism among participants.
Ethereum and XRP ETFs move in opposite directions
On Wednesday, spot Ether and XRP ETFs exhibited diverging trends. Spot Ether ETFs registered $60.9 million in net inflows, marking the second consecutive day of positive net flows. This brought total inflows for Ether ETFs over the two-day period to $114.6 million.
Meanwhile, XRP ETFs recorded $3.58 million in net outflows. These withdrawals reduced net assets in XRP ETFs to $993.4 million, while cumulative net inflows for the asset class stayed at $1.51 billion.
| ETF | Latest Net Inflows/Outflows | 2-3 Day Total Inflows | Cumulative Net Inflows | Total Net Assets |
|---|---|---|---|---|
| Spot Bitcoin ETFs | +$244.4 million (Wed) | +$626 million | N/A | N/A |
| iShares Bitcoin Trust (IBIT) | N/A | +$479 million | ~$61 billion | N/A |
| Spot Ether ETFs | +$60.9 million (Wed) | +$114.6 million (2 days) | N/A | N/A |
| XRP ETFs | -$3.58 million (Wed) | N/A | $1.51 billion | $993.4 million |
Performance data for Wednesday underscores the varied investor appetite for different cryptocurrency-backed ETFs, highlighting divergent patterns for Bitcoin, Ether, and XRP.
Spot Bitcoin ETFs in the US accumulated $626 million in net inflows over three consecutive days, led by BlackRock’s iShares Bitcoin Trust ETF, which contributed $479 million and raised cumulative net inflows to nearly $61 billion.
