Live updates: Bitcoin rises to $63,000, oil and bond yields drop as markets look past latest Iran dustup
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U.S. spot bitcoin exchange-traded funds (ETFs) experienced a notable reversal on Wednesday, with net outflows of approximately $85 million after three consecutive days of inflows totaling around $509 million. Major bitcoin products registered losses, including BlackRock's IBIT which dropped about $59 million, Grayscale's GBTC falling nearly $64 million, and Fidelity's FBTC declining by around $15 million. The only bitcoin fund to see gains was Grayscale’s smaller BTC fund, which added close to $53 million. Overall, assets under management in bitcoin ETFs declined to roughly $75 billion.
In contrast, ether ETFs continued their positive inflow trend for the fifth consecutive session, welcoming about $70 million on the same day. The majority of these inflows came from Fidelity’s FETH fund, which attracted roughly $69 million, with VanEck’s ETHV adding just over $1 million. Other ether funds remained largely unchanged. Total asset value in ether ETFs stands at approximately $9 billion.
This divergence in fund flows aligns with recent price movements in the cryptocurrency markets. Bitcoin traded near $62,300, down around 3% on the day, while ether also dipped roughly 3% to about $1,740 but has outperformed bitcoin over the past two weeks. The stronger performance and inflows into ether ETFs appear to be driven by increased investor interest stemming from developments around the Lean Ethereum roadmap and renewed ETF demand, providing ether with a clearer growth narrative than bitcoin in the near term.
The developments highlight shifting investor preferences within the crypto asset space, with ether ETFs gaining momentum amid ongoing protocol upgrades and market interest. Conversely, the pullback in bitcoin ETF assets suggests some caution or profit-taking after recent substantial inflows. These trends may influence future capital allocation and product development strategies among crypto investment firms and market participants.