In the past week, the spot Bitcoin ETFs experienced a rollercoaster of inflows and outflows. The week began on a negative note with nearly $240 million leaving the eleven funds. The trend continued as $168.4 million was withdrawn in the following days. Grayscale’s GBTC, Ark Invest’s ARKB, and Fidelity’s FBTC were among the top funds experiencing outflows. However, there were two positive days midweek, with inflows of $52.5 million and $157.6 million on Wednesday and Thursday, respectively. Despite this, the week ended with outflows totaling $167 million for the Bitcoin ETFs.
In contrast to the Bitcoin ETFs, the spot Ethereum ETFs showed more resilience in the past week. While the demand for Ethereum ETFs has not been significant since their launch, there was a positive shift in investor sentiment. The week started with inflows of $48.8 million on Monday and $98.4 million on Tuesday. BlackRock’s ETHA led the pack with significant inflows. Despite some outflows midweek, the overall numbers for the week were positive, with almost $105 million in inflows for the Ethereum ETFs.
The price movements of both Bitcoin and Ethereum were also noteworthy during the week. Bitcoin’s price initially tumbled below $50,000 during a market-wide crash but surged above $60,000 by the end of the week, despite the outflows from the ETFs. On the other hand, Ethereum’s price dipped to $2,100 on Monday but rebounded to $2,700 by Friday and slightly over $2,600 at the end of the week.
The fluctuating inflows and outflows in the Bitcoin and Ethereum ETFs highlight the volatility and unpredictability of the cryptocurrency market. While Bitcoin witnessed significant outflows, Ethereum showed signs of resilience and growing investor interest. For investors, it is crucial to stay informed about market movements and trends to make informed decisions about their cryptocurrency investments.
The past week was a mix of challenges and opportunities for both Bitcoin and Ethereum ETFs. Despite the market turbulence, these digital assets continue to attract investor attention and remain key players in the cryptocurrency space.
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