Spot Bitcoin ETFs surge, Ether funds bleed as investors flee for safety

Spot Bitcoin exchange-traded funds (ETFs) recorded $332.7 cardinal successful nett inflows connected Tuesday, outpacing their Ethereum counterparts, which saw $135.3 cardinal successful nett outflows, according to information from SoSoValue.

Fidelity’s FBTC led the surge, attracting $132.7 million, followed by BlackRock’s IBIT with $72.8 million. Additional inflows were reported crossed different large issuers, including Grayscale, Ark 21Shares, Bitwise, VanEck and Invesco.

Ether (ETH) ETFs posted outflows. Fidelity’s FETH accounted for the bulk of the bleed, losing $99.2 million, portion Bitwise’s ETHW shed $24.2 million. Ether ETFs besides saw $164 cardinal successful outflows connected Friday.

The reversal came aft a strong August for Ethereum funds, which saw $3.87 cardinal successful inflows compared with Bitcoin (BTC) ETFs’ $751 cardinal outflows.

Ether funds spot outflows. Source: SoSoValue

Related: How precocious tin Bitcoin terms spell arsenic golden hits grounds precocious supra $3.5K?

Bitcoin’s ‘digital gold’ communicative regains momentum

The renewed surge successful spot Bitcoin ETFs comes arsenic Bitcoin’s “digital gold” communicative is making a comeback. “Bitcoin is erstwhile again attracting organization flows arsenic its integer golden communicative regains traction,” Vincent Liu, the main concern serviceman astatine Kronos Research, told Cointelegraph.

“With golden astatine all-time highs, appetite for hard assets is intelligibly strengthening. In this situation of macro uncertainty, BTC is lasting retired against ETH, which appears to beryllium entering a play of profit-taking,” helium added.

Liu said this inclination could proceed arsenic agelong arsenic planetary markets stay shaky, with investors favoring Bitcoin for its perceived stableness and safe-haven appeal.

Related: Uptick successful Bitcoin spot trading hints astatine imaginable breakout to $119K

Crypto funds rebound with $2.48 cardinal successful play inflows

As reported, crypto concern products rebounded past week, pulling successful $2.48 billion successful nett inflows aft the erstwhile week’s $1.4 cardinal outflow.

August wrapped with $4.37 cardinal successful inflows. Year-to-date inflows present basal astatine $35.5 billion, up 58% compared to the aforesaid timeline successful 2024. Total assets nether absorption dropped 7% week-over-week to $219 billion.

Magazine: Bitcoin is ‘funny net money’ during a crisis: Tezos co-founder