On Tuesday, spot Bitcoin exchange-traded funds (ETFs) attracted over $332 million in net inflows, significantly outpacing Ethereum ETFs, which suffered $135 million in outflows. Fidelity's FBTC was a leading contributor, garnering $132.7 million, followed by BlackRock's IBIT with $72.8 million. In contrast, various Ether funds faced heavy losses, primarily driven by Fidelity's FETH and Bitwise's ETHW, which lost $99.2 million and $24.2 million respectively. This trend follows a prior week where crypto investment products experienced an inflow of $3.87 billion. Vincent Liu from Kronos Research commented that Bitcoin's resurgence is linked to its evolving perception as 'digital gold,' especially amidst high gold prices and macroeconomic uncertainty. The ongoing instability in global markets is drawing investors toward Bitcoin, seen as a safer asset compared to Ether, which appears to be facing profit-taking pressures. Overall, total crypto investment inflows for August reached $4.37 billion, while year-to-date inflows increased to $35.5 billion, despite a weekly decrease in total assets under management.

Source šŸ”—