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Bitcoin ETFs have been in the spotlight for the fifth consecutive day with positive net inflows, recording over $39 million in entries. On the other hand, Ethereum ETFs faced outflows for the fifth day. Grayscale, Fidelity, and Bitwise have made Bitcoin ETFs a favorite among investors.
Bitcoin ETFs Gain Momentum
Bitcoin ETFs have gained momentum over the past five days, riding the wave in the crypto world. On Wednesday, a net inflow of $39.42 million indicated renewed investor confidence in Bitcoin. Grayscale’s mini Bitcoin trust fund contributed $14.2 million to this flow.
Fidelity and Bitwise also reported entries of approximately $10 million each. BlackRock’s IBIT ETF maintained its lead by attracting $8.35 million in new investments. All these developments are solidifying Bitcoin’s position in the ETF world.
Ethereum Faces Outflows
In contrast to Bitcoin, Ethereum ETFs have not achieved the same success. As of Wednesday, Ethereum ETFs recorded outflows of $17.97 million. Grayscale’s ETHE fund experienced the largest outflow with $31.14 million. However, Fidelity’s FETH ETF showed that confidence in Ethereum is not entirely shaken with a net inflow of $7.93 million.
Franklin Templeton’s Ethereum fund is also trying to resist this decline with a $1 million inflow. Although Ethereum’s resilient stance has been overshadowed by Bitcoin, it is still seen as an opportunity for investors.
Current Status of Bitcoin and Ethereum Prices
Bitcoin, the flagship of cryptocurrencies, rose by 2.33% in the last 24 hours to $60,735, while Ethereum increased by 1.09% to $2,621. The total trading volume of Bitcoin ETFs reached $1.42 billion on Wednesday, outperforming the previous day. Ethereum ETFs, on the other hand, remained relatively subdued with a trading volume of $201 million.
While Bitcoin ETFs have become a shining star in the eyes of investors, Ethereum ETFs are undergoing a tough test. However, it is essential to remember that the balance in the crypto world can change at any moment.
