The cryptocurrency ETF landscape experienced divergent fortunes on Aug. 5, with Bitcoin BTC/USD based products witnessing significant outflows while Ethereum ETH/USD focused funds attracted fresh capital.
What Happened: Bitcoin spot ETFs reported a total net outflow of $168 million on Aug. 5, according to data from SoSo Value.
The Grayscale ETF GBTC led the exodus with an outflow of $69.115 million, followed closely by ARK 21Shares ARKB with a $69 million outflow.
Fidelity‘s Bitcoin ETF FBTC also saw substantial withdrawals, with $58.04 million leaving the fund.
However, it wasn’t all negative for Bitcoin-related products, as the Grayscale mini ETF BTC bucked the trend with an inflow of $21.8114 million.
In contrast, Ethereum spot ETFs enjoyed a more positive day, recording a total net inflow of $48.7264 million, data shows.
This influx was primarily driven by strong performances from BlackRock‘s ETHA ETF, which saw an inflow of $47.0857 million, and VanEck‘s ETHV ETF, which added $16.6247 million.
However, the Grayscale ETF ETHE experienced an outflow of $46.8384 million, partially offsetting the gains.
Also Read: Crypto Carnage: Is Bitcoin’s Store Of Value Thesis Now Invalidated?
Why It Matters: These fund movements come at a time when cryptocurrency is gaining increased attention in political spheres.
In a recent livestream interview on the platform Kick, Republican presidential nominee Donald Trump shared his thoughts on digital assets.
Trump emphasized the importance of the United States maintaining a competitive edge in cryptocurrency development, stating, “It’s something they shouldn’t be doing because they should be trying to build it. If we don’t do it, China’s doing it, and other places are doing, and they’re doing it anyway.”
The former president drew parallels between cryptocurrency and artificial intelligence, framing both as critical areas of technological advancement.
“It’s like AI — ‘do you love it or do you not like it?’ — if we don’t do it, China is going to do it, or other people are going to do it, and we can’t be left behind, and crypto is right in that sphere,” Trump elaborated.
This stance aligns with his previously expressed desire for the U.S. to become a “Bitcoin mining superpower.“
What’s Next: Industry leaders, investors, and policymakers will have a unique opportunity to discuss market movements and political perspectives at Benzinga’s Future of Digital Assets event on Nov. 19.
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