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The downturn in the cryptocurrency market triggered a significant rise in trading activity for exchange-traded funds linked to spot prices of Bitcoin and Ethereum in the United States. The overall trading volume of spot crypto ETFs reached approximately $6 billion.
As per data from CoinGlass, on August 5, spot Bitcoin ETFs recorded a daily trading volume of $5.24 billion, while spot Ethereum ETFs noted a daily trading volume of $715.3 million. The cumulative trading volume amounted to $5.96 billion.
The leading Bitcoin-based fund was BlackRock’s iShares Bitcoin Trust (IBIT), which represented over half of the daily trading volume at $2.95 billion. Among spot Ethereum ETFs, the top performers were those from Grayscale and BlackRock, generating $262 million and $208 million, respectively.
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The inflow and outflow statistics for crypto funds presented a mixed picture. On August 5, spot Bitcoin ETFs experienced a loss of around $168 million, whereas spot Ethereum ETFs gained over $48 million. The Grayscale Bitcoin Trust and ARK 21Shares Bitcoin ETF saw outflows of approximately $69 million for the day, while the Bitwise Bitcoin ETF and Grayscale Bitcoin Mini Trust reported inflows of $2.9 million and $21.8 million, respectively. Grayscale Ethereum Trust faced outflows of $46.8 million during the day, while spot Ethereum ETFs from Bitwise and Franklin Templeton attracted $7.2 million and $900,000, respectively.
Analysts’ views on the current market conditions remain ambiguous. Eric Balchunas, an ETF Analyst at Bloomberg, noted that the high trading volume amid declining prices might reflect investor anxiety. However, he also pointed out that crypto ETFs demonstrate substantial liquidity despite the downturn in the crypto market, highlighting the potential of these exchange-traded products.
Further support for the outlook on exchange-traded funds came from the news that Capula Management, the fourth largest hedge fund in Europe, invested approximately $464 million in spot Bitcoin ETFs. Official reports indicate that the hedge fund invested in the Fidelity Wise Origin Bitcoin Fund (FBTC) and BlackRock’s iShares Bitcoin Trust (IBIT).
The cryptocurrency market witnessed a sharp decline in prices over the past weekend. BTC dipped below $50,000 at one point, dragging altcoins into negative territory and triggering widespread liquidations. As of 1:00 a.m. (GMT+3) on August 6, according to CoinGecko, BTC was priced at $55,200, ETH at $2,460, and the total market capitalization of cryptocurrencies rose by 5.2% to $2.04 trillion over the day.
Сообщение Trading Volume of Spot Crypto ETFs Hits $6 Billion Amid Market Collapse появились сначала на CoinsPaid Media.
