On August 5, Bitcoin and Ethereum ETFs in the US saw a significant spike in trading activity, reaching nearly $6 billion amid market fluctuations.
Bitcoin ETFs, particularly BlackRock’s iShares Bitcoin Trust, led the way with $5.24 billion in trading volume. Meanwhile, Ethereum ETFs, including Grayscale’s Ethereum Trust and BlackRock’s iShares Ethereum Trust, saw $715.3 million in volume.
This surge in trading was driven by recent market instability, including a sharp drop in Bitcoin’s price, which briefly fell below $50,000. Despite this, Bitcoin has since partially recovered to around $54,200.
Early data on ETF inflows shows mixed results. The Grayscale Bitcoin Trust and ARK 21Shares Bitcoin ETF experienced significant outflows, while the Bitwise Bitcoin ETF and Grayscale Bitcoin Mini Trust saw modest inflows.
For Ethereum, the Grayscale Ethereum Trust faced outflows, whereas Bitwise and Franklin Templeton’s ETFs saw slight inflows.
Bloomberg analyst James Seyffart expects that, once all data is reviewed, Bitcoin ETFs will likely show a net increase in inflows.
A prominent cryptocurrency analyst believes that the Ethereum-Bitcoin (ETH/BTC) trading pair is nearing a cycle bottom.
VanEck CEO Jan van Eck has made an ambitious forecast for Bitcoin, suggesting that BTC could mature to capture half of gold’s total market capitalization.
Tether’s USDT, the largest stablecoin, continues to strengthen its market position, with its market capitalization nearing $120 billion for the first time.
The competition in Bitcoin (BTC) mining has escalated recently, with China taking the lead over the United States.