Bitcoin ETFs broke an inflow trend, while ether ETFs recorded net inflows for the second time in their existence.
Traders are looking to the possibility of soft U.S. tech earnings as a signal for upcoming volatility in the BTC market.
U.S.-listed spot bitcoin (BTC) exchange-traded funds (ETFs) recorded outflows while ether (ETH) ETFs recorded inflows after a four-day losing streak on Tuesday as prices pared gains from last week’s run-up to Republican presidential candidate Donald Trump’s speech.
Spot bitcoin ETFs recorded $18 million in net outflows, breaking a four-day streak that saw inflows as high as $124 million.
SoSoValue data shows that Grayscale’s GBTC led outflows at $74 million. Products from Fidelity, Ark Invest, Bitwise, and VanEck saw outflows ranging from $2 million to $7 million. Blackrock’s IBIT was the only ETF that recorded inflows, almost $75 million.
Eher-tracked ETFs recorded net inflows at $33 million after a four-day losing streak, only the second day of net inflows since they went live on July 23.
Ether ETFs have witnessed a cumulative net outflow of over $400 million. Grayscale’s ETHE has recorded the most losses at $1.84 billion, while BlackRock’s ETHA leads inflows at $618 million.
BTC surged to over $69,000 last week as Trump took the stage at the Bitcoin 2024 conference in Nashville, revealing plans to fire the U.S. SEC head Gary Gensler and create a strategic bitcoin reserve if elected.
However, the cryptocurrency lost as much as 5% on Monday as the U.S. Marshals Service shifted $2 billion worth of BTC to two new wallets, instilling fears of a looming liquidation.
Meanwhile, traders are largely cautioning of further price volatility as major U.S. technology firms are scheduled to release earnings this week – an event that tends to influence bitcoin prices.
“Election headlines will remain a major focus, but several key macroeconomic events are also on the horizon,” Singapore-based QCP Capital said in a Telegram broadcast Tuesday. “Key events starting with the FOMC meeting on Wednesday, megacap tech earnings (Apple, Amazon, Meta) throughout the week, and unemployment data on Friday.”
“We maintain a range-trading outlook for BTC,” the firm said.
UPDATE (July 31, 08:10 UTC): Changes headline, mentions latest ETH ETF inflow figures throughout.
CORRECTION (July 31, 08:43 UTC): Corrects ether ETF inflows in headline, first paragraph. An earlier version of this story said the ETFs experienced their first net inflows.
CORRECTION (July 31, 10:50 UTC): Corrects ticker for Grayscale’s bitcoin ETF in third paragraph.
