Bitcoin and Ethereum exchange-traded funds (ETFs) are experiencing a significant turnaround, marking their first week of net inflows after enduring five consecutive weeks of outflows, a record duration for these investment vehicles.
This week, Bitcoin spot ETFs have attracted approximately $560 million, with BlackRock”s iShares Bitcoin ETF (IBIT) leading the charge by securing around $300 million of these inflows. The Grayscale Bitcoin Trust (GBTC) also contributed significantly, accounting for about $100 million of the total.
Retail sentiment on Stocktwits regarding IBIT has shifted into “bullish” territory, reflecting renewed optimism among investors, while GBTC has similarly maintained a positive outlook despite both funds experiencing a slight decline of over 1% in after-hours trading as Bitcoin”s price consolidated after peaking at $69,000. As of Thursday morning, Bitcoin was trading at roughly $68,000, still showing a 4.1% increase over the last 24 hours.
Ethereum ETF Inflows Increase Despite Cautious Sentiment
Meanwhile, Ethereum spot ETFs have also seen a resurgence, with inflows reaching $117 million this week. The Fidelity Ethereum Fund (FETH) has been the standout performer, attracting over $60 million, followed closely by the Grayscale Ethereum Fund (ETHE), which recorded around $34 million in daily net inflows. Despite this influx, retail sentiment on Stocktwits for FETH remains in “bearish” territory, indicating a cautious outlook among investors.
Ethereum”s price has shown resilience, climbing to approximately $2,100 before stabilizing above $2,000, reflecting a 7.7% increase in the last 24 hours, outpacing Bitcoin in performance.
Analysts are observing that the demand for Bitcoin ETFs appears to be a driving force behind its recent price trends. Satoshi Stacker, a crypto investor and analyst, noted in a post on X that the current uptrend in Bitcoin aligns closely with renewed ETF demand. If this positive momentum continues, it could signal favorable conditions for the broader cryptocurrency market.
As the landscape of cryptocurrency investment continues to evolve, the recent uptick in ETF inflows may indicate a shift in market sentiment, potentially paving the way for increased retail interest in both Bitcoin and Ethereum.
