Bitcoin ETF Inflows Resume Sparking “Digital Gold” Narrative, Ether ETFs Bleed

Amid the broader crypto market correction, Bitcoin BTC $111 626 24h volatility: 2.8% Market cap: $2.22 T Vol. 24h: $46.14 B is once again emerging as a safe haven asset, regaining the “digital gold” narrative amid the global macro uncertainty.

Inflows into spot Bitcoin ETFs surged on September 2, recording a total of $332.7 million. On the other hand, Ethereum ETH $4 364 24h volatility: 1.7% Market cap: $526.92 B Vol. 24h: $32.42 B ETFs have seen outflows of $135 million on September 2.

The shift follows a strong August for Ethereum funds, which recorded $3.87 billion in inflows, while Bitcoin ETFs faced $751 million in outflows.

Fidelity Leads Bitcoin ETF Inflows

Fidelity’s Wise Origin Bitcoin Fund (FBTC) topped the inflow charts with $132.7 million, followed by BlackRock’s IBIT at $72.8 million.

Other major issuers, including Grayscale, Ark 21Shares, Bitwise, VanEck, and Invesco, also reported additional inflows, as per data from SoSoValue.

Bitcoin ETF inflows are on the rise again. | Source: SoSoValue

The latest uptick in spot Bitcoin ETF inflows coincides with the resurgence of Bitcoin’s “digital gold” narrative.

Crypto investment products saw a strong rebound last week, recording $2.48 billion in net inflows following $1.4 billion in outflows the week before.

Bitcoin price took a dive under $107,500, before recovering once again to $111,000, which is its 20-week simple moving average (SMA).

Spot Ethereum ETFs Are Bleeding

Ether ETFs experienced significant outflows, with Fidelity’s FETH leading the decline at $99.2 million, followed by Bitwise’s ETHW with $24.2 million. On August 29 alone, Ether ETFs recorded a total of $164 million in withdrawals.

These outflows come as Ethereum price has been under selling pressure, and is currently trading under $4,400.

Analyst Benjamin Cowen expects Ethereum to drop to its 21-week EMA within the next 4-6 weeks, after which it could rally to new all-time highs, with a final rotation into Bitcoin this cycle.

As shown in the image above, the ETH price could potentially drop to $3,400 by September-end. There’s a possibility for another 20% correction from here before ETH resumes its Q4 rally to new all-time highs.

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