The spot Bitcoin and Ethereum ETFs broke the negative streak registered last week and ended the current trading one with net inflows.
However, the situation around the ETH ETFs is quite underwhelming, to say the least, once again.
Bitcoin ETFs’ Demand Is Back
CryptoPotato reported last weekend the dire landscape regarding the net flows toward the 11 US-based spot Bitcoin ETFs. After eight consecutive days of net inflows, the tables had turned and more than $274 million left the products during the entire week.
However, Monday started on a highly positive note, with $235.2 million entering the funds in net inflows. Fidelity’s FBTC and BlackRock’s IBIT led the pack, with $103.7 million and $97.9 million, respectively.
Investors changed their behavior in the next three days, with $18.6 million in net outflows on Tuesday, $40.6 million on Wednesday, and $81.1 million on Thursday. Nevertheless, the trading week ended on Friday at the right foot, with another $253.6 million in net inflows. FBTC was at the forefront once again, with $117.1 million, while Ark Invest’s ARKB followed suit with $97.6 million.
Consequently, the overall numbers for the week stood at $348.5 million in net inflows. The developments on Friday coincided with or perhaps drove a substantial rally for BTC, which surged from the Thursday low of $58,800 to a weekly peak of $63,400 before retracing slightly to its current level of $62,500.
The ETH Catch
The spot Ethereum ETFs also ended the week slightly in the green. Despite the $8.1 million withdrawn on Tuesday and $0.1 million on Friday, Thursday’s net inflows of $10.1 million managed to offset the losses.
However, looking closer at the total numbers actually confirms a previous narrative that the demand for the ETH ETFs is simply lacking. Monday and Wednesday saw no reportable flows. This, combined with a previous article from this week that compares the first 79 trading days for the Ethereum ETFs with the initial months of the BTC ETFs, solidifies the notion that investors show little to no interest in the second-largest cryptocurrency.
Still, ETH’s price also recovered from the Thursday crash and is 2% up on the week. Currently, the asset trades close to $2,450, which is about $100 higher than the weekly low.
SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!