Bitcoin and Ethereum ETFs Weekly Recap: A Look at Recent Activity

The past week in the world of crypto saw significant fluctuations, particularly in the realm of spot Bitcoin and Ethereum ETFs. Let’s delve into the specifics of the inflows and outflows over the last five days, as reported by Farside.

Bitcoin ETFs faced a challenging end to the previous week, marking their poorest day in terms of flows in approximately three months. A staggering $240 million exited the eleven funds. As the new week commenced, $168.4 million further withdrew from the ETFs. Noteworthy leaders in these outflows included Grayscale’s GBTC with $69.1 million, Ark Invest’s ARKB with $69 million, and Fidelity’s FBTC with $58 million.

The negative trend continued into Tuesday, witnessing outflows of $148.6 million. FBTC took the lead with $64.5 million, followed by GBTC at $32.2 million. Interestingly, BlackRock’s IBIT saw no activity during these two days. However, a shift occurred on Wednesday when IBIT experienced inflows of $52.5 million, followed by a more substantial $157.6 million on Thursday, marking the only positive days of the week with $45.1 million and $194.6 million inflows, respectively.

The outflows resurfaced on Friday, totaling $89.7 million, predominantly attributed to Grayscale with $77 million. In total, the spot Bitcoin ETFs witnessed outflows of $167 million throughout the week.

Meanwhile, Bitcoin’s price plummeted below $50,000 during a market-wide crash on Monday but rebounded to surpass $60,000 by the week’s end, despite the persistent outflows.

Shifting focus to Ethereum, the spot Ethereum ETFs, which debuted on July 23, had not initially garnered substantial investor interest. However, the past week showed a more positive trend.

Monday and Tuesday saw inflows of $48.8 million and $98.4 million (the second-best day), respectively. BlackRock’s ETHA led the inflows with $47.1 million and $109.9 million on these days.

Although the week witnessed outflows of $23.7 million on Wednesday, $2.9 million on Thursday, and $15.8 million on Friday, the overall picture leaned towards positivity. This marked the first week with positive flows of nearly $105 million for Ethereum ETFs.

ETH’s price mirrored the volatility, dropping to $2,100 on Monday but recovering to $2,700 by Friday and slightly above $2,600 at present.