According to analytics firm Arkham Intelligence, institutions are now coming back to Bitcoin (BTC) after seemingly souring on Ethereum (ETH).
On Tuesday, spot BTC exchange-traded funds (ETFs) attracted $332.8 million worth of inflows, with Boston-headquartered mutual fund Fidelity accounting for the biggest chunk of the aforementioned sum ($133 million).
Surprisingly, the Fidelity Wise Origin Bitcoin Fund (FBTC) came ahead of BlackRock's iShares Bitcoin Trust ETF (IBIT). The latter managed to attract only "relatively modest" $73 million.
Massive scale of August rotation
This comes after a massive rotation took place within the cryptocurrency sector in August.
Ethereum ETFs attracted roughly $3.9 billion worth of inflows as its corporate adoption narrative also started picking up steam.
Meanwhile, Bitcoin ETFs were actually in the red with a total of $751 million worth of net outflows.
It remains to be seen whether the most recent outflows recorded by Ethereum ETFs show that the cryptocurrency's momentum is already waning.
Bitcoin ETFs still enjoy huge lead
It is worth noting that spot Ethereum ETFs, which were launched last July, were initially deemed to be a major flop due to underwhelming outflows.
Despite recently turning the tables with massive inflows, they are still miles away from catching up with their Bitcoin counterparts.
According to data provided by SoSoValue, Bitcoin ETFs currently boast a total of $143.21 billion worth of net assets. For comparison, spot Ethereum ETFs have reached $28 billion in net assets following their massive streak of inflows that was recorded in August.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team