Amid the broader crypto market correction, Bitcoin is once again emerging as a safe haven asset, regaining the “digital gold” narrative amid the global macro uncertainty.
Inflows into spot Bitcoin ETFs surged on September 2, recording a total of $332.7 million. On the other hand, Ethereum ETFs have seen outflows of $135 million on September 2.
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The shift follows a strong August for Ethereum funds, which recorded $3.87 billion in inflows, while Bitcoin ETFs faced $751 million in outflows.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) topped the inflow charts with $132.7 million, followed by BlackRock’s IBIT at $72.8 million.
Other major issuers, including Grayscale, Ark 21Shares, Bitwise, VanEck, and Invesco, also reported additional inflows, as per data from SoSoValue.
The latest uptick in spot Bitcoin ETF inflows coincides with the resurgence of Bitcoin’s “digital gold” narrative.
Crypto investment products saw a strong rebound last week, recording $2.48 billion in net inflows following $1.4 billion in outflows the week before.
Bitcoin price took a dive under $107,500, before recovering once again to $111,000, which is its 20-week simple moving average (SMA).
Ether ETFs experienced significant outflows, with Fidelity’s FETH leading the decline at $99.2 million, followed by Bitwise’s ETHW with $24.2 million. On August 29 alone, Ether ETFs recorded a total of $164 million in withdrawals.
These outflows come as Ethereum price has been under selling pressure, and is currently trading under $4,400.
Analyst Benjamin Cowen expects Ethereum to drop to its 21-week EMA within the next 4-6 weeks, after which it could rally to new all-time highs, with a final rotation into Bitcoin this cycle.
As shown in the image above, the ETH price could potentially drop to $3,400 by September-end. There’s a possibility for another 20% correction from here before ETH resumes its Q4 rally to new all-time highs.
Read original story Bitcoin ETF Inflows Resume Sparking “Digital Gold” Narrative, Ether ETFs Bleed by Bhushan Akolkar at Coinspeaker.com