Investing.com – J.P. Morgan estimates that U.S. spot Bitcoin ETFs saw preliminary net sales of $65 million last Thursday, as traders were eyeing the Jackson Hole meeting for market-moving comments
In contrast, sentiment around Ethereum seems to be cooling off, with bearish views emerging after weeks of stagnant price action for the world’s second largest token. Per J.P. Morgan calculations, U.S. spot Ether ETFs reported slight net redemptions of $1 million on the same day.
For Ether ETFs, excluding Grayscale’s ETHE, gross flows hit $19 million. Grayscale Ethereum Trust (ETH) (NYSE:ETHE) took a big hit with net redemptions of -$20 million. Fidelity’s Ethereum Fund (NYSE:FETH)led the way with $14 million in net sales, while Grayscale’s ETH saw $4 million in sales, holding steady from the day before.
Meanwhile, Van Eck’s Ethereum ETF (NYSE:ETHV) brought in $1 million, but BlackRock’s iShares Ethereum Trust ETF (NASDAQ:ETHA) had no new activity for the second day straight. The world’s largest asset manager had its lowest daily trading volume since launch, with just $94 million in notional volume, way below the usual $444 million average.
In the Bitcoin ETF space, excluding Grayscale’s Bitcoin Trust (BTC) (NYSE:GBTC), J.P. Morgan estimates that gross flows reached $93 million. The figure shows a solid uptick after the slower activity the previous day as investors scramble to accumulate the original cryptocurrency under $60,000.
Securing a majority of the flows, BlackRock took the lead with iShares Bitcoin Trust (NASDAQ:IBIT) pulling in $76 million in sales. However, Grayscale once again resumes its losing streak, shedding $28 million in outflows. Since its launch, GBTC has been seeing hundreds of millions in outflows, leading to a loss of over $18 billion from its net assets.
Fidelity’s Wise Origin Bitcoin Fund (NYSE:FBTC) followed with $9 million in net sales. Other ETFs posted sales in the low to mid-single-digit millions, though Bitwise’s Bitcoin ETF (NYSE:BITB) had a rough day with -$12 million in redemptions.
“There were multiple other vehicles with low- to mid-single-digit millions of sales yesterday as well. Note Bitwise’s ~$2,250mn BITB saw -$12mn in redemption yesterday,” the report stated.