US Bitcoin, Ethereum ETFs Hit $6B in Mid-Market
U.S. Bitcoin and Ether ETFs recorded nearly $6 billion in trading volume on Aug. 5 amid market turmoil.
According to data from CoinGlass, spot bitcoin (BTC) ETFs recorded $5.24 billion in total daily volume on the day, with more than half coming from BlackRock's iShares Bitcoin Trust (IBIT).
Spot Ether (ETH) ETFs recorded $715.3 million in trading volume, led primarily by Greyscale's Ethereum Trust (ETHE) and BlackRock's iShares Ethereum Trust (ETHA).
The total volume between the two positions' crypto ETF categories reached $5.96 billion.
In a post to X earlier in the trading day, Bloomberg ETF analyst Eric Balchunas cautioned that “crazy volume” is generally a “reliable measure of fear” during the market.
“Deep liquidity on bad days is part of what traders and institutions like about ETFs, so you also want to look at volume over the long term,” he explained.
Crypto markets plunged into the red on August 4 on news that jump trading was moving hundreds of millions of Ether to exchanges. After trading in the Nikkei and the Japanese Yen, prices rose sharply yesterday.
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Bitcoin has pulled back slightly, currently trading above $54,200.
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Early daily earnings data ahead of CoinGlass' recent highs show mixed results for Bitcoin and Ether ETFs.
The Greyscale Bitcoin Trust and ARK 21Shares Bitcoin ETF ( ARKB ) each saw $69 million in outflows on the day, while the Bitwise Bitcoin ETF ( BITB ) and Grayscale Bitcoin Mini Trust ( BTC ) saw inflows of $2.9 million and $21.8 million, respectively.
The Greyscale Ethereum Trust, meanwhile, saw $46.8 million in outflows on the day, while Bitwise and Franklin Templeton's ETFs saw inflows of $7.2 million and $900,000, respectively.
However, in an Aug. 5 post on X, Bloomberg ETF analyst James Seifert predicts that Bitcoin ETFs will end up with net gains after all the data is published.
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