Source: Blockchain Knight
US BTC and spot Ethereum ETFs have recently generated fresh inflows, indicating that there may be some changes in market sentiment.
The BTC ETF saw significant investment flows on September 10, thus avoiding successive divestments. Although the Ethereum ETF had different problems, it also stopped five consecutive days of outflows of funds.
These inflows come at a time when institutions are on the sidelines with Crypto assets, and even as BTC attracts more money, Ethereum seems to be losing its dominant position.
Coupled with global Crypto asset ownership statistics, it paints a complicated picture of the future direction of the market.
According to the data, the spot BTC ETF attracted nearly $0.117 billion on September 10, an increase of 400% over the previous day's 37.29 million dollars.
This is another development after eight consecutive days of withdrawals, which reduced total assets under management by more than $1.18 billion.
Fidelity's FBTC led the way with inflows of 63 million dollars for two consecutive days, followed by Grayscale BTC Mini Trust and ARK 21Shares, with inflows of 41 million dollars and 12.7 million dollars, respectively.
The total trading volume of the 12 BTC ETFs fell from $1.61 billion the previous day to $0.712 billion, a decrease of 55%.
While capital inflows look promising, the sharp decline in trading activity does merit caution investors.
Interestingly, these numbers coincide with the 2024 Global Crypto Asset Status Research Report published by Gemini.
According to the survey, France's Crypto asset holding rate surged from 16% to 18%, while the US and UK's Crypto asset holdings rate was 21% and 18%, respectively. In contrast, Singapore's holding ratio declined slightly, from 30% to 26%.
Although the Ethereum ETF situation is less clear, the BTC ETF is showing strong liquidity.
On September 10, there was a net inflow of 11.4 million dollars from the spot Ethereum ETF, thus breaking the situation of five consecutive days of large outflows of capital.
Fidelity's FETH led with inflows of 7 million dollars, while BlackRock's ETHA ranked second with inflows of 4.3 million dollars.
However, the remaining seven Ethereum ETFs saw no inflows.
Despite these positive inflows, Ethereum is facing more difficulties. Wisdom Tree has withdrawn its application for a spot Ethereum ETF submitted to the US Securities and Exchange Commission after Van Eck announced the closure of its Ethereum Strategy ETF.
To date, the cumulative net outflow from Ethereum ETFs is $0.562 billion, and these actions indicate a decline in institutional confidence in Ethereum-based products.
The development of crypto assets around the world is showing a variety of patterns. Although the ownership rate of Crypto assets is still high in major markets such as the US and the UK, there are signs of declining interest in some regions such as Singapore.
Market recovery depends on the perseverance of long-term investors, so Gemini's study highlights that in addition to regulatory developments and spot ETFs, these factors may also drive future expansion.