Bitcoin ETFs have recently attracted considerable investment interest, surpassing Ethereum in popularity on Tuesday. According to figures from SoSoValue, Bitcoin ETFs recorded an impressive net inflow of $332.7 million. Leading this influx is Fidelity’s FBTC fund with $132.7 million, closely followed by BlackRock’s IBIT fund, securing $72.8 million. Other players such as Grayscale, Ark & 21Shares, Bitwise, VanEck, and Invesco also witnessed positive inflows.
Why Are Ethereum ETFs Seeing Outflows?
Conversely, Ethereum ETFs recorded noteworthy withdrawals, summing up to $135.3 million in outflows. Specifically, $99.2 million was drawn from Fidelity’s FETH fund, with Bitwise’s ETHW fund also experiencing a negative flow of $24.2 million.
This shift occurs after a period when Ethereum ETFs outperformed Bitcoin throughout August, attributed to Ethereum’s advantages such as yield-generating capacity and a favorable regulatory environment alongside institutional adoption.
Will Bitcoin’s Price Continue to Rise?
Yes, Bitcoin’s spot price has demonstrated resilience, climbing this week. By Wednesday, its been trading just over $111,200, maintaining its position above the 100-day Exponential Moving Average.
Following a 5% contraction earlier, technical indicators suggest weakening bearish momentum. The Relative Strength Index (RSI) nears a neutral point at 45, while the MACD indicates a potential bullish divergence.
“If recovery continues, Bitcoin may test the $116,000 resistance level, or otherwise, fall to around $105,573,” noted a source from SoSoValue.
– Bitcoin ETFs outpaced Ethereum in investor preference.
– Fidelity and BlackRock are leading Bitcoin ETF contributions.
– August saw $751 million outflows from Bitcoin ETFs.
– Ethereum recorded $3.87 billion inflows during the same month.
Ethereum has shown steadiness by holding the $4,232 support level, while its failed attempt to breach $4,488 marks its next challenge. Its potential rally past this could set a path toward its all-time high of $4,956. Similarly, Ripple has mirrored Bitcoin and Ethereum’s incremental rise, indicating positive momentum in the crypto market.
