The bleeding has finally stopped, but one firm has dominated the market while the others are still running—this setup is a bit delicate.

On Wednesday, the US spot Bitcoin ETF saw a small net inflow of $3.05 million, ending a 13-day streak of outflows since mid-May, during which over $4.4 billion was withdrawn, and assets decreased from $104.29 billion to $80.4 billion. Blackstone IBIT had a net absorption of $47.66 million, while Fidelity FBTC, Bitwise BITB, and ARKB continued to experience net outflows. Checkonchain shows the total assets of spot BTC ETFs at approximately 127,700 BTC, slightly above the 127,400 BTC low point on 2/23. After a 17-day outflow trend, the spot Ethereum ETF had a net inflow of $19.3 million on Wednesday, all from Blackstone ETHA, with no net inflow from other Ethereum ETFs. The total assets of Ethereum ETFs amount to $978 million, accounting for 4.57% of the circulating market cap.