Investing.com – U.S. Spot Bitcoin ETFs Sales

J.P. Morgan estimates that U.S. spot Bitcoin ETFs saw preliminary net sales of $65 million last Thursday as traders anticipated comments from the Jackson Hole meeting.

Ethereum Market Sentiment

Sentiment around Ethereum appears to be cooling, with bearish views gaining traction after weeks of stagnant price movements. According to J.P. Morgan, U.S. spot Ether ETFs experienced slight net redemptions of $1 million on the same day.

Ether ETF Flows

For Ether ETFs, excluding Grayscale’s ETHE, gross flows reached $19 million. The Grayscale Ethereum Trust (ETH) (NYSE:ETHE) faced significant net redemptions of -$20 million. Fidelity’s Ethereum Fund (NYSE:FETH) led with $14 million in net sales, while Grayscale’s ETH maintained $4 million in sales, identical to the previous day.

Meanwhile, Van Eck’s Ethereum ETF (NYSE:ETHV) attracted $1 million, but BlackRock’s iShares Ethereum Trust ETF (NASDAQ:ETHA) saw no new activity for the second consecutive day. The world’s largest asset manager reported its lowest daily trading volume since launch at just $94 million, significantly below the average of $444 million.

Bitcoin ETF Flows

In the Bitcoin ETF segment, excluding Grayscale’s Bitcoin Trust (BTC) (NYSE:GBTC), J.P. Morgan estimates gross flows reached $93 million, indicating a rebound after slower activity previously as investors rushed to accumulate Bitcoin below $60,000.

Dominating the flows, BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) garnered $76 million in sales. Yet, Grayscale continued its losing streak with outflows of -$28 million. Since its launch, GBTC has seen hundreds of millions in outflows, leading to a net asset loss exceeding $18 billion.

Fidelity’s Wise Origin Bitcoin Fund (NYSE:FBTC) followed with $9 million in net sales. Other ETFs recorded low to mid-single-digit million sales; however, Bitwise’s Bitcoin ETF (NYSE:BITB) suffered losses with -$12 million in redemptions.

“There were multiple other vehicles with low- to mid-single-digit millions of sales yesterday as well. Note Bitwise’s ~$2,250mn BITB saw -$12mn in redemption yesterday,” the report stated.