Bitcoin spot ETFs recorded their fourth consecutive day of net inflows on July 29, while Ethereum ETFs experienced continued outflows, highlighting divergent investor sentiment in the cryptocurrency ETF market.

What Bitcoin ETFs Did: Bitcoin (CRYPTO: BTC) spot ETFs attracted a total net inflow of $124 million on July 29, maintaining a positive streak that has now lasted four days, according to data from SoSo Value.

The total net asset value of Bitcoin spot ETFs has reached $61.732 billion, underscoring growing investor interest in these products.

BlackRock's (NASDAQ:IBIT) emerged as the frontrunner among Bitcoin ETFs, drawing in a substantial $206 million in new investments.

However, not all funds shared this success, as evidenced by Grayscale's (OTC:GBTC), which saw outflows of $54.2931 million on the same day.

Also Read: Four Arrested In Kyiv For Brutal Bitcoin-Related Kidnapping And Murder

What Ethereum ETFs Did: In contrast, Ethereum (CRYPTO: ETH) spot ETFs faced challenging conditions, marking their fourth straight day of net outflows, data shows.

On July 29, these funds experienced a total net outflow of $98.2856 million, indicating a shift in investor sentiment towards Ethereum-based products.

Grayscale's (NYSE:ETHE) bore the brunt of the Ethereum outflows, with investors withdrawing $210 million in a single day. However, the picture was not uniformly negative across all Ethereum ETFs.

BlackRock's (NASDAQ:ETHA) and Fidelity's (CBOE: FETH) managed to attract inflows of $58.1696 million and $24.8242 million, respectively.

Interestingly, Grayscale's mini ETF ETH also saw positive movement, with inflows of $4.8967 million.

These contrasting fund flows occurred against the backdrop of a volatile cryptocurrency market.
Bitcoin's price saw a sharp correction, falling from a recent high of $70,000 to $66,480, a 4.1% decline over 24 hours.

This price action triggered significant liquidations in the Bitcoin futures market, totaling $76.89 million, with long positions accounting for $69.71 million of these liquidations, according to CoinGlass data.

Similarly, Ethereum's price dipped 1.6% to $3,332 over the same period, aligning with the outflows seen in its ETF products.

For a deeper understanding of these market dynamics and their implications for the future of digital assets, the upcoming Benzinga Future of Digital Assets event on Nov. 19 will be crucial.

• Trump's Bitcoin Conference Pledge: Can He Really Fire SEC Chair Gensler?

Image: Shutterstock