Record $6 Billion Trading Volume for Bitcoin and Ethereum ETFs During Market Drop

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Cryptodnes2024/08/06 11:45

By:Cryptodnes

On August 5, Bitcoin and Ethereum ETFs in the US saw a significant spike in trading activity, reaching nearly $6 billion amid market fluctuations.

Bitcoin ETFs, particularly BlackRock’s iShares Bitcoin Trust, led the way with $5.24 billion in trading volume. Meanwhile, Ethereum ETFs, including Grayscale’s Ethereum Trust and BlackRock’s iShares Ethereum Trust, saw $715.3 million in volume.

This surge in trading was driven by recent market instability, including a sharp drop in Bitcoin’s price, which briefly fell below $50,000. Despite this, Bitcoin has since partially recovered to around $54,200.

Early data on ETF inflows shows mixed results. The Grayscale Bitcoin Trust and ARK 21Shares Bitcoin ETF experienced significant outflows, while the Bitwise Bitcoin ETF and Grayscale Bitcoin Mini Trust saw modest inflows.

Top European Hedge Fund Invests $500 Million in Bitcoin ETFs

For Ethereum, the Grayscale Ethereum Trust faced outflows, whereas Bitwise and Franklin Templeton’s ETFs saw slight inflows.

Bloomberg analyst James Seyffart expects that, once all data is reviewed, Bitcoin ETFs will likely show a net increase in inflows.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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