Analysts believe that net outflows from Bitcoin ETFs may have partially migrated into newly launched spot Ethereum ETFs on Tuesday.
The spot Bitcoin ETFs in the United States experienced net negative outflows on Tuesday, July 12, following 12 consecutive days of inflows.
Interestingly, the flows shifted negative on the same day that the crypto market witnessed the launch of spot Ethereum ETFs in the United States.
Bitcoin ETFs See Net Outflows
The US BTC ETFs witnessed a total outflow of $78 million on Tuesday, marking the conclusion of the ongoing party, following 12 days of net inflows.
Except for BlackRock’s IBIT, all other exchange-traded funds (ETFs) have either experienced zero inflows or net outflows.
IBIT’s total inflows on Tuesday were $71.9 million, a significant decrease from the $526 million recorded the previous day.
On Tuesday, Fidelity’s FBTC experienced the maximum outflows, over $70 million.
Ark Invest’s ARKB and Grayscale’s GBTC both experienced net outflows of $50 million and $27 million, respectively, according to data from Farside Investors.
Yesterday, there were no inflows into the remaining ETFs.
Spot Bitcoin ETFs have been the subject of recent attention due to their ability to capitalize on the Bitcoin decline that occurred in early July.
The ETFs have managed to deliver resilient performance, despite the selling pressure that BTC experienced as a result of the Mt. Gox distribution and the German government sell-off.
The outflows into Bitcoin ETFs yesterday, according to some market analysts, were partially due to the $107 million inflow into spot Ethereum ETFs on their debut.
Kamala Harris to Attend Bitcoin Conference
There are recent reports in the area that indicate that US Vice President Kamala Harris will be attending the Bitcoin Conference that is scheduled to take place this week.
David Bailey, the organizer of the event wrote: “We’re in talks with Kamala Harris campaign for her to speak at the conference. Would be very savvy of her to reset the democrat positioning on the fastest growing voter block in the country. They’re making up their minds today”.
As we are aware, former US President Donald Trump is already in attendance at the event, where he is advocating for Bitcoin and the broader crypto industry.
Trump has also expressed his support for the Bitcoin mining industry and has committed to producing all remaining BTCs in the United States.
