|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
U.S. Spot Bitcoin (BTC) and Ethereum (ETH) Exchange-Traded Funds (ETFs) Are Showing Signs of Strength as Funds Run Green or Completely Neutral
Oct 08, 2024 at 05:56 pm
Bitcoin ETFs have opened the week with optimism after $235.19 million poured into the funds on Oct. 7, 2024, and not a single fund was in the red.
U.S. spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) showed signs of strength Monday as funds flowed into the instruments or remained neutral.
Bitcoin ETFs
Bitcoin ETFs kicked off the week on a positive note with a net inflow of $235.19 million on Oct. 7, 2024, as per SoSoValue data, and none of the funds were in the red.
Among the top gainers, Fidelity’s Wise Origin Bitcoin Fund (FBTC) grabbed the lion’s share of the inflows at $103.68 million, increasing its year-to-date net inflow to $9.95 billion.
BlackRock’s iShares Bitcoin Trust (IBIT) followed suit with a net inflow of $97.88 million, bringing its year-to-date cumulative net inflow to $21.66 billion.
Bitwise’s Bitcoin ETF (BITB) and ARK 21Shares Bitcoin ETF (ARKB) saw inflows of $13.09 million and $12.53 million, respectively, while VanEck Bitcoin ETF (HODL) saw inflows of $5.37 million.
Finally, Invesco Galaxy Bitcoin ETF (BTCO) netted a smaller inflow of $2.53 million.
Ethereum ETFs
Ethereum ETFs, on the other hand, remained neutral on Oct. 7, 2024, marking their second-ever day of neutrality, as per SoSoValue.
With a total value traded at $118.43 million, it was also one of the slower days for the ETH ETF market.
There has been some speculation that the tepid performance of ETH ETFs could be a sign that the instruments are not finding favor with investors or that they may have been launched prematurely.
However, given the broader trends in 2024 and the multiple waves of crypto, financial, and geopolitical events that have rocked markets, the performance of ETH ETFs is still considered to be strong.
Moreover, a direct comparison of the success of ETH ETFs with that of BTC ETFs is not entirely valid, considering the different market conditions at the time of their launches and the distinct characteristics of BTC and ETH as cryptocurrencies.
ETH’s ‘Risk-on’ Status
During a digital assets conference in Brazil, BlackRock’s Head of Digital Assets Robbie Mitchnick presented a dual pitch deck that positioned Bitcoin as a “risk-off” asset, like gold and an alternative to stocks and bonds, and Ethereum as a “risk-on” asset, which is more comparable to U.S. stocks.
He added that Ethereum is more of a “long-term technology bet,” considering its potential to create more use cases and “more value to the economy” with its blockchain network.
Some observers also highlighted Mitchnick’s approach, noting that BTC is a less inflationary asset than fiat currencies, which tend to lose value every year.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Spell Wallet: The Magical Telegram Mini App Where You Can Earn MANA and Discover New Crypto Airdrops
- Oct 08, 2024 at 10:30 pm
- In the Spell Wallet mini app, users purchase upgrades and solve challenges to earn MANA, which gives holders access to crypto airdrops. The mini app has a magical theme, and also features an NFT marketplace where users can mint their own NFTs or purchase NFTs created by other players.
-
- Morphy's Oct. 17-19 Coin-Op & Antique Advertising Auction in Las Vegas to Feature World-Class Lineup of European Antique Music Machines
- Oct 08, 2024 at 10:30 pm
- LAS VEGAS, Oct. 8, 2024 /PRNewswire/ -- There will be no shortage of accomplished entertainers at Morphy's Oct. 17-19 Coin-Op & Antique Advertising Auction