The spot exchange-traded funds tracking the performance of the largest cryptocurrency by market cap turned red once again in the past five trading days, with just one day recording more net inflows than outflows.
Although the ETH ETFs broke a five-week green streak, their net withdrawals were significantly less violent than those of the Bitcoin counterparts.
BTC ETFs Back in Red
CryptoPotato reported last weekend that the Bitcoin ETFs had registered their best week since April in terms of net inflows, with more than $850 million entering the funds. This was in stark contrast with the previous few months, in which withdrawals dominated, and the rare occasions of net inflows were quite modest.
As such, hope returned within the cryptocurrency community that the late Q2 ETF slumber is over and investors have finally shifted their behavior. However, the second full week of August didn’t provide the necessary confirmation. Just the opposite; the funds bled out almost $390 million.
Monday was the most painful day, with $144.67 million leaving the funds. Another $61.16 million was withdrawn on Wednesday, $131.13 million on Thursday, and $57.63 million on Friday. The only positive day was Tuesday, but the actual $4.89 million was nowhere near enough to offset any of the losses.
Meanwhile, BlackRock’s IBIT continues to be by far the largest Bitcoin ETF, with net assets of nearly $47 billion. Fidelity’s FBTC ($10.70 billion) and Grayscale’s GBTC ($8.26 billion) follow suit.
ETH ETFs Break Major Streak
Unlike the Bitcoin ETFs, the funds tracking the largest altcoin were actually on an impressive all-green streak that lasted for five consecutive weeks. It began during the first full week of July and ran until the first full week of August. Within this timeframe, the cumulative total net inflows increased from under $10.90 billion to $11.46 billion.
However, the streak was snapped in the past week, even though the actual withdrawals were quite modest, at just $2.26 million. As such, the Ethereum ETFs have outperformed their Bitcoin counterparts once again. Monday and Tuesday saw net outflows of $14.59 million and $1.76 million, respectively, while the net inflows of $7.38 million on Wednesday and $6.72 million on Thursday failed to help it recover all the losses.
Interestingly, Friday was a no-action day, with SoSoValue showing $0.00 in net flows, which is rare for the Ethereum ETFs.
The post Bitcoin and Ethereum ETF Flows Shifted Last Week: Here’s What You Missed appeared first on CryptoPotato.
Source: https://cryptopotato.com/bitcoin-and-ethereum-etf-flows-shifted-last-week-heres-what-you-missed/
