Bitcoin Gains $519 Million in Inflows, Ethereum Loses $285 Million

According to the latest digital asset fund flows report by CoinShares, Bitcoin saw $519 million in inflows, while Ethereum witnessed $285 million in outflows. Month-to-date, BTC saw inflows of $3.6 billion and year-to-date inflows have reached $19 billion.

The fund flows are also reflected in the price movements of each asset. BTC is inching closer to the $70,000 level, rallying nearly 11% in the last two weeks and more than 14% over the previous month.

Also Read: Ripple: XRP Surges, Beats Bitcoin, Ethereum, And SOL On Major Exchanges

Ethereum, on the other hand, has rallied 1.2% in the last two weeks and 0.1% in the previous month. CoinShares’ report highlights that the ETH ETF saw $2.2 billion in inflows but the asset witnessed significant selling.

Will Ethereum catch up to Bitcoin’s pace?

bitcoin ethereum btc eth crypto
Source: Betanews.com

BTC’s recent surge is likely due to a recent speech by Donald Trump at the 2024 Bitcoin conference. Trump made some bullish comments at the conference. His comments have led to speculation of a possible BTC reserve policy in the US if he is elected President.

Also Read: Bitcoin and Ethereum: August Price Predictions Analysis

The Ethereum ETFs did witness significant inflows but did not match that of Bitcoin’s ETF launch earlier this year. ETH saw significant outflows bringing the net flows to a negative $285 million.

According to the data on CoinCodex, ETH’s price will consolidate at around current levels for the time being. The asset will hit a high of $3472.62 on Aug. 11, 2024, and continue trading at around that level for the rest of the month. On the other hand, CoinCodex predicts Bitcoin to hit a new all-time high, surpassing the $89,000 level in August.

Also Read: BRICS: United States to Use Bitcoin to Save the Dollar?

Going by CoinCodex’s Analysis, Ethereum will not catch up to Bitcoin’s pace anytime soon.

  • bitcoin
  • ethereum

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