Bitcoin and Ethereum ETFs: Weekly Recap of Recent Activity
The past week saw significant fluctuations in the cryptocurrency market, with a focus on spot Bitcoin and Ethereum ETFs. Data from Farside revealed insights into the inflows and outflows over the five-day period.
Bitcoin ETFs experienced a challenging end to the previous week, marked by the largest outflow in about three months. Approximately $240 million exited the eleven funds. The trend continued into the new week, with $168.4 million withdrawn from the ETFs. Leading the outflows were Grayscale’s GBTC with $69.1 million, followed closely by Ark Invest’s ARKB ($69 million) and Fidelity’s FBTC ($58 million).
Tuesday also saw outflows, totaling $148.6 million, with FBTC leading the pack at $64.5 million. Interestingly, BlackRock’s IBIT saw no activity during these two days. However, Wednesday brought a positive change for IBIT, with inflows of $52.5 million, followed by a more substantial $157.6 million on Thursday. These were the only days of the week with positive inflows, amounting to $45.1 million on Wednesday and $194.6 million on Thursday.
The outflow trend resumed on Friday, with $89.7 million exiting the market, primarily led by Grayscale with $77 million. Overall, spot Bitcoin ETFs recorded outflows of $167 million for the week.
Despite the outflows, Bitcoin’s price dropped below $50,000 during a market-wide crash on Monday but rebounded to surpass $60,000 by the week’s end.
On the other hand, Ethereum ETFs, which have not seen significant demand since their launch on July 23, showed a slightly more positive trend in the past week. Monday and Tuesday saw inflows of $48.8 million and $98.4 million (the second-best day), respectively. BlackRock’s ETHA led with $47.1 million and $109.9 million on these days.
Although there were outflows later in the week, with $23.7 million on Wednesday, $2.9 million on Thursday, and $15.8 million on Friday, the overall weekly flows for Ethereum ETFs were positive, totaling nearly $105 million.
ETH’s price experienced fluctuations, dropping to $2,100 on Monday but recovering to $2,700 by Friday and slightly above $2,600 at present.
