Ethereum ETFs gain $73M as Bitcoin ETFs shed $196M

Description

The US spot Bitcoin exchange-traded funds (ETFs) continued to bleed for the fourth straight day, losing $196 million on August 5 alone. On the other side, Ethereum ETFs saw $73.22 million in net inflows, decoupling from Bitcoin-linked sentiments. ETH ETFs were largely driven by BlackRock’s ETHA, which absorbed nearly $89 million on the day. The retreat from Bitcoin ETFs comes amid growing fears of stagflation in the US economy. It follows fresh ISM Services PMI data showing inflationary pressure...