Last week, the spot Bitcoin ETFs faced a challenging time as they experienced significant outflows. This negative trend continued into the new week with a withdrawal of $168.4 million from the ETFs. Grayscale’s GBTC, Ark Invest’s ARKB, and Fidelity’s FBTC were among the funds that saw substantial outflows. Tuesday also saw outflows totaling $148.6 million, with FBTC leading the pack.
However, the situation took a positive turn on Wednesday and Thursday when BlackRock’s IBIT recorded inflows amounting to $52.5 million and $157.6 million, respectively. These were the only two days of the week that saw positive flows, with a total of $45.1 million on Wednesday and $194.6 million on Thursday. The week ended with outflows amounting to $89.7 million, bringing the total outflows for the week to $167 million.
Unlike Bitcoin ETFs, the spot Ethereum ETFs have not seen significant demand from investors since their launch on July 23. However, the past week showed some positivity, with inflows totaling $48.8 million on Monday and $98.4 million on Tuesday. BlackRock’s ETHA led the pack in terms of inflows. Although there were outflows on Wednesday, Thursday, and Friday, the overall numbers for the week ended in the green. This marked the first week that saw positive flows of almost $105 million for the Ethereum ETFs.
Despite the outflows from both Bitcoin and Ethereum ETFs, BTC’s price dropped below $50,000 during a market-wide crash on Monday but recovered to above $60,000 by the end of the week. Similarly, ETH’s price decreased to $2,100 on Monday but saw an upward trend, reaching $2,700 on Friday and slightly over $2,600 by the end of the week.
The past week was marked by volatility and fluctuating investor sentiment towards Bitcoin and Ethereum ETFs. While Bitcoin faced significant outflows, Ethereum showed some resilience with positive flows for the first time since its launch. The price performance of both cryptocurrencies also reflected the turbulent market conditions, with sharp drops followed by recoveries throughout the week.