rewrite this title Bitcoin and Ethereum ETF pulls in combined $870 million

Spot Bitcoin and Ethereum Exchange Traded Funds (ETF) pulled in a staggering $870 million yesterday indicating a high level of confidence amongst institutional investors. 

Spot Bitcoin ETFs led the inflows for the day pulling in $597.5 million with Blackrock’s IBIT getting a large percentage of the inflows. 

Blackrock’s IBIT witnessed an inflow of $431.6 million followed by Grayscale, Bitwise, and Fidelity. Grayscale trailed Blackrock, pulling in $110 million while Bitwise and Fidelity recorded inflows of $61.4 million and $30.5 million respectively. 

The least inflow for the spot Bitcoin ETFs was recorded by Ark 21 shares pulling in only $9 million for the day. Grayscale GBTC recorded the only Outflow for the day witnessing $48.4 million leave the funds. 

Spot Ethereum ETFs on the other hand recorded an inflow of $273 million for the day attracting peak attention from investors. Blackrock’s ETHA once again led the way recording an inflow of $202.3 million. 

Grayscale’s ETH and Fidelity’s FETH followed suit pulling in $73.2 million and 19.4 million respectively. Grayscale’s ETHE lost $22.8 million to outflows, the only outflow recorded for the day. 

Crypto Market Capitalization slips by 2.4% 

Despite the institutional inflow yesterday, the Total market capitalization of all crypto assets slipped by 2.4% to $3.78 trillion at the time of the report.

The two Crypto assets with an exchange-traded fund recorded mild drops in price levels following the general retracement of the crypto market. 

Bitcoin is currently exchanging hands for $100,000 dropping by 0.8% on a 24-hour scale. 

Ethereum on the other hand is exchanging hands for $3,930 dropping by only 0.3% in the last 24 hours. 

The United States Securities and Exchange Commission under Gary Gensler approved the first 11 Bitcoin spot ETFs in the United States on Jan. 10, 2024. This was followed by the approval of five spot Ethereum ETFs on July 23, 2024. 

Bitwise CIO Matt Hougan predicted Spot Ethereum ETFs to pull in at least $15 billion in its first 18 months. However, the Ethereum ETFs haven’t lived up to expectations and are still far off the mark predicted by Hougan in its fifth month of existence.