Bitcoin (CRYPTO: BTC) is gaining ground on Thursday, pushing closer to reclaim the $60,000 mark, as Bitcoin ETFs bought the dip on Wednesday.
The total net inflow for Bitcoin spot ETFs on Aug. 7 stood at $45.1387 million, but the news was not entirely positive, according to data from SoSo Value.
Grayscale's (OTC:GBTC) ETF experienced an outflow of $30.5801 million, while BlackRock's (NASDAQ:IBIT) ETF saw an inflow of $52.5157 million and WisdomTree's (CBOE: BTCW) ETF had an inflow of $10.4989 million.
The total net asset value of Bitcoin (CRYPTO: BTC) spot ETFs dipped below the $50 billion mark, closing at $49.821 billion.
The story was even more pronounced for Ethereum (CRYPTO: ETH) based funds, with a total net outflow of $23.6766 million.
Grayscale's (NYSE:ETHE) ETF saw an outflow of $31.8571 million, while Fidelity's (CBOE: FETH) ETF recorded an inflow of $4.7046 million.
The total net asset value of Ethereum spot ETFs stood at $6.626 billion, data shows.
These fund flow dynamics come against the backdrop of a broader market recovery, with crypto markets seizing the opportunity to bounce back.
Why It Matters: Bitcoin is trading up 5.9% at $59,500, while Ether is trading up 8% at $2,590.
However, according to QCP Capital, Ethereum continues to underperform its counterpart, Bitcoin.
The report cites ongoing liquidations by the trading firm Jump Trading, which still holds a significant $63.6 million position in wrapped staked Ethereum.
Additionally, the movement of 25,757 ETH ($63.1 million) from Plus Token Ponzi 2 wallets in the last 30 hours has created a potential cap on the upside in the near term.
Interestingly, QCP Capital remains bullish on Bitcoin, noting significant call buying activity in the December and March expiries.
The report also highlights that major funds are continuing to roll their September long call positions, further reinforcing the positive sentiment around the leading cryptocurrency.