Bitcoin bounces back as ETH ETFs notch $49M in net inflows

After significant lows, BTC and ETH have rebounded over $56,000 and $2,513, respectively

August 6, 2024 10:33 am

Eugenia Porechenskaya/Shutterstock modified by Blockworks

Crypto markets are seeing a modest recovery after yesterday’s steep drawdown.

Per Coinbase, BTC has rebounded around 13% in the last 24 hours to roughly $56,000 after hitting a low of $49,500 — the lowest since February 2024. Similarly, ETH has recovered to $2,513 — an 18.6% upswing in the last day — bouncing back from a drop to $2,119, a level not seen since December 2023.

The total crypto market cap excluding BTC and ETH has recovered from a weekly low of $472 million to $540 billion, marking a 14.4% gain.

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Among the top 100 market cap coins, notable recoveries in the last 24 hours belonged to tokens in the decentralized physical infrastructure (DePIN) category, such as Akash Network (AKT), which gained 23% to $2.5. Helium Network rose 12% to $4.65, and Render Network increased 16% to $4.82.

Leading the altcoin recovery was Bittensor (TAO), which posted a 35% gain to $263 over the past day.

Total DeFi TVL continued to decline, falling to $79.1 billion from $85.2 billion at the start of yesterday, based on DeFiLlama.

In a positive turn for crypto markets, ether ETFs have recorded their first significant daily net inflows since launching on July 23, according to Farside Investor data.

On Monday, total net inflows reached $48.8 million, with the largest contribution from BlackRock’s ETHA, which saw $47.1 million in inflows. Grayscale’s ETHE outflow streak continued, with $46.8 million exiting the fund.

However, bitcoin ETFs continued to experience net outflows totaling $168.4 million, with the largest selloffs coming from Grayscale’s GBTC at $69.1 million and ARK 21Shares’ ARKB at $69 million.

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