Spot Bitcoin ETFs Lead $332M Inflows as Ethereum Funds Bleed

Spot Bitcoin exchange-traded funds (ETFs) recorded $332.7 million in net inflows on Tuesday, outpacing their Ethereum counterparts, which saw $135.3 million in net outflows, according to data from SoSoValue.

Fidelity’s FBTC led the surge, attracting $132.7 million, followed by BlackRock’s IBIT with $72.8 million. Additional inflows were reported across other major issuers, including Grayscale, Ark 21Shares, Bitwise, VanEck and Invesco.

Ether (ETH) ETFs posted outflows. Fidelity’s FETH accounted for the bulk of the bleed, losing $99.2 million, while Bitwise’s ETHW shed $24.2 million. Ether ETFs also saw $164 million in outflows on Friday.

The reversal came after a strong August for Ethereum funds, which saw $3.87 billion in inflows compared with Bitcoin (BTC) ETFs’ $751 million outflows.

Related: How high can Bitcoin price go as gold hits record high above $3.5K?

Bitcoin’s “digital gold” narrative regains momentum

The renewed surge in spot Bitcoin ETFs comes as Bitcoin’s “digital gold” narrative is making a comeback. “Bitcoin is once again attracting institutional flows as its digital gold narrative regains traction,” Vincent Liu, the chief investment officer at Kronos Research, told Cointelegraph.

“With gold at all-time highs, appetite for hard assets is clearly strengthening. In this environment of macro uncertainty, BTC is standing out against ETH, which appears to be entering a period of profit-taking,” he added.

Liu said this trend could continue as long as global markets remain shaky, with investors favoring Bitcoin for its perceived stability and safe-haven appeal.

Related: Uptick in Bitcoin spot trading hints at possible breakout to $119K

Crypto funds rebound with $2.48 billion in weekly inflows

As reported, crypto investment products rebounded last week, pulling in $2.48 billion in net inflows after the previous week’s $1.4 billion outflow.