Investing.com – JP Morgan estimates that U.S. cash ETFs saw preliminary net sales of $65 million on Thursday as traders looked ahead to the Jackson Hole meeting for market-moving commentary.
On the contrary, sentiment around this coin seems to be cooling down and bearish views are emerging after weeks of stagnation in the price of the world's second-largest cryptocurrency. According to JP Morgan's calculations, U.S. Ether spot ETFs reported slight net redemptions of $1 million on the same day.
For Ether ETFs, excluding Grayscale’s ETHE, gross flows reached $19 million. Grayscale Ethereum Trust (ETH) (NYSE:) took a big hit with net redemptions of -$20 million. Fidelity’s Ethereum Fund (NYSE:) led the way with $14 million in net sales, while Grayscale’s ETH saw $4 million in sales, holding steady from the previous day.
Meanwhile, Van Eck’s (NYSE:) Ethereum ETF generated $1 million, but BlackRock’s (NASDAQ:) iShares Ethereum Trust ETF saw no new activity for the second day in a row. The world’s largest asset manager had its lowest daily trading volume since launch, with just $94 million in notional volume, well below the usual average of $444 million.
In the Bitcoin ETF space, excluding Grayscale’s Bitcoin Trust (BTC) (NYSE:), JP Morgan estimates that gross flows reached $93 million. The figure shows a solid rebound after slower activity the previous day, as investors rush to accumulate the original cryptocurrency below $60,000.
After garnering the majority of inflows, BlackRock took the lead with iShares Bitcoin Trust (NASDAQ:) garnering $76 million in sales. However, Grayscale is back on a losing streak, losing $28 million in outflows. Since its launch, GBTC has seen hundreds of millions in outflows, resulting in a loss of over $18 billion of its net assets.
Fidelity's Wise Origin Bitcoin Fund (NYSE:) followed with $9 million in net sales. Other ETFs saw sales of between $10 million and $15 million, though Bitwise's Bitcoin ETF (NYSE:) had a rough day with -$12 million in redemptions.
“Yesterday also saw many other vehicles with sales in the low to mid-single digits. It is worth noting that Bitwise’s BITB of approximately $2.25 billion had a redemption of -$12 million yesterday,” the report said.
