Bitcoin ETFs See Significant Inflows, Ethereum ETFs Experience Substantial Outflows
On July 26, Bitcoin Exchange-Traded Funds (ETFs) reported a significant net inflow of 630 BTC, equivalent to $42.56 million. Leading the charge, iShares by Blackrock witnessed an inflow of 1,093 BTC, amounting to $73.8 million. This substantial investment marks a positive trend for Bitcoin ETFs as they continue to attract investors.
In contrast, Ethereum ETFs experienced notable outflows. The net outflow for Ethereum ETFs stood at 37,044 ETH, translating to a staggering $120.36 million. Grayscale led the outflows with a substantial 97,391 ETH, valued at $316.4 million. These outflows indicate a significant shift in investor sentiment towards Ethereum.
Michigan Retirement System Invests in Bitcoin ETF
Adding to the buzz, the State of Michigan Retirement System recently disclosed owning $6,600,000 worth of Bitcoin ETF as of June 30th, according to an SEC filing. This investment equates to approximately $0.71 of Bitcoin per Michigan resident. Since June 30th, Bitcoin has seen an 8% increase in value, highlighting the potential of the state’s investment.
The revelation of Michigan’s investment in Bitcoin ETFs raises questions about the future scale of their allocation. Speculations are already swirling about the possibility of the state increasing its investment to $700 worth of Bitcoin per citizen as a Michigan resident remarked, “Boo yah on being ahead of the curve. They got off zero.”
