Bitcoin ETF inflows $90 million, Ethereum ETF follows

After a period of fluctuating flows, the US spot Bitcoin ETFs showed a positive picture on 10 July. According to data from SoSoValue, $90.44 million flowed net into the Bitcoin ETFs, while the Ethereum ETFs recorded $18.43 million in inflows on the same day. A clear recovery compared to the recent outflows seen earlier this week.

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Bitcoin ETF shows recovery after outflows

The inflow of $90.44 million into the spot Bitcoin ETFs marks a turning point. Earlier this week, the Bitcoin ETFs still recorded significant outflows, including an outflow of $95 million on 9 July. The total net assets of all spot Bitcoin ETFs combined currently stand at $77.42 billion, while the Bitcoin price at the time of registration was around $63.917. At the time of writing, Bitcoin is at $64.000, a slight decline of 0.4% in the past 24 hours.

The chart from SoSoValue shows that the daily inflows and outflows have fluctuated considerably over the past few weeks. Around the end of June, there were several large red days, with outflows reaching nearly $700 million on a single day. Afterwards, the picture improved, and the most recent trading days show a cautiously positive pattern.

Ethereum ETF also benefits from renewed confidence

In addition to Bitcoin, the spot Ethereum ETFs also showed a positive day. With $18.43 million in net inflows on 10 July, investors show renewed confidence in Ethereum as an ETF product. The Ethereum price has been under pressure for some time, partly due to news surrounding the ecosystem such as the dissolution of the Protocol Support Team by the Ethereum Foundation.

Nevertheless, institutional investors appear to be making moves towards Ethereum again via the ETF market. Whether this is a structural recovery or a temporary uptick remains to be seen. The coming trading days will provide more clarity on the sentiment surrounding both the Bitcoin and Ethereum ETFs.