Bitcoin BTC/USD and Ethereum ETH/USD exchange-traded funds (ETFs) have shown divergent trends in capital flows on Tuesday, according to data from SoSoValue.
What Happened: As of Aug. 12, U.S. Bitcoin spot ETFs reported a daily total net inflow of $27.87 million, with cumulative total net inflows reaching an impressive $17.37 billion, according to data.
The total value traded for these ETFs stood at $1.30 billion, while total net assets amounted to $53.75 billion, representing 4.63% of Bitcoin’s market cap.
In contrast, U.S. Ethereum spot ETFs experienced a more modest daily total net inflow of $4.93 million, according to data.
However, the cumulative total net inflow for Ethereum ETFs showed a negative trend at -$401.01 million.
The total value traded was $285.96 million, with total net assets of $7.48 billion, accounting for 2.32% of Ethereum’s market cap.
Also Read: Bitdeer Reports Net Loss Of $17.7M In Q2 2024, Down From $40.4M In Q2 2023
Why It Matters: These mixed inflows come at a time when the crypto community is buzzing with predictions of a potential bull run.
Notably, Arthur Hayes, a prominent figure in the crypto space, recently published an article suggesting that an “alt season” may not materialize until Bitcoin and Ethereum break through $70,000 and $4,000 respectively.
Hayes also predicted that Solana could climb above $250.
Hayes’ analysis points to a potential breakout from the current sideways downward trajectory starting in September, driven by the activation of US dollar liquidity.
This forecast aligns with growing optimism in the crypto market, as investors and enthusiasts alike anticipate the next major price movement.
As the crypto landscape continues to evolve, industry participants are looking forward to events like Benzinga’s Future of Digital Assets conference on Nov. 19.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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