The past week was characterized by volatility in the cryptocurrency market, with spot Bitcoin and Ethereum ETFs experiencing fluctuations in inflows and outflows. Starting off on a negative note, the spot Bitcoin ETFs witnessed significant outflows, with approximately $240 million leaving the eleven funds. This trend continued into the new week, with $168.4 million being withdrawn from the ETFs. Noteworthy outflows were observed in Grayscale’s GBTC, Ark Invest’s ARKB, and Fidelity’s FBTC.
The trend of outflows persisted on Tuesday, with $148.6 million leaving the Bitcoin ETFs. However, there was a shift on Wednesday and Thursday, with inflows of $52.5 million and $157.6 million, respectively. Despite the positive days mid-week, outflows resumed on Friday, totaling $89.7 million. In total, the spot Bitcoin ETFs saw outflows of $167 million for the week.
Ethereum ETF Flows
The spot Ethereum ETFs also experienced fluctuations in flows throughout the week. Despite a lack of substantial demand from investors since their launch, there were some positive signs in the past week. Inflows were observed on Monday and Tuesday, with BlackRock’s ETHA leading the pack. However, there were outflows mid-week on Wednesday, Thursday, and Friday.
Despite the outflows in the latter part of the week, the overall numbers for the week were in the green for the Ethereum ETFs. This marked the first week of positive flows, totaling almost $105 million. The price of ETH also fluctuated, dropping to $2,100 on Monday but recovering to above $2,600 by the end of the week.
The volatility in flows for both Bitcoin and Ethereum ETFs reflects the uncertainty and fluctuations in the cryptocurrency market. Investors are navigating through market swings, making decisions based on price movements and fund performance. It will be interesting to see how the ETFs perform in the coming weeks as the market continues to evolve.