As a seasoned researcher who has been following the cryptocurrency market for years now, I must say that this week’s developments in the Bitcoin and Ethereum ETFs have been quite intriguing.
On Monday, Bitcoin‘s two-week losing streak finally ended, and the inflow of funds during the past five days exceeded $400 million.
It’s important to note that the situation is different for Ethereum ETFs (Exchange-Traded Funds). These products are still losing value and there appears to be very limited interest or demand in them.
Spot BTC ETFs Back on Track
Last week, it was reported by CryptoPotato that Bitcoin spot ETFs experienced their longest period of negative flow, with approximately $900 million in outflows from August 26th to September 6th. During this time, the price of the underlying asset dropped significantly, going from over $65,000 down to under $53,000.
Initially, there were outflows amounting to $28.6 million on Monday, marking an end to a streak. However, the tide turned and substantial amounts were poured into the funds from Tuesday through Friday: $117 million on Tuesday, $39 million on Thursday, and a staggering $263.2 million on Friday – the largest inflow since July 22, which saw $485.9 million in investments.
The only day in the red in the past week was Wednesday, with $43.9 million in net outflows. Consequently, the total inflows for the week stand at $403.9 million, according to FarSide. Perhaps expected, BTC’s price shot up by more than 10% within this timeframe and reclaimed $60,000 earlier today.
Remarkably, BlackRock’s IBIT – one of the largest ETF providers managing almost $21 billion – experienced no new investments last week. On Monday, it had a negative balance for only the third time ever, with $9.1 million in withdrawals. By the end of the week, there were no significant transactions reported.
Contrastingly, Fidelity’s FBTC outperformed others by accumulating $28.6 million on Monday, $63.2 million on Tuesday, and a staggering sum exceeding $102 million on Friday. Meanwhile, ARK Invest’s ARKB demonstrated resilience, recording $99.3 million in net inflows after experiencing $54 million in withdrawals midweek.
Ethereum ETF Lack Interest
This week in trading, Ethereum ETFs did not garner significant interest from investors, instead, they experienced a net loss. Specifically, on Monday, investors withdrew approximately $5.2 million, followed by another $0.5 million on Wednesday, and a considerable $20.1 million on Thursday.
On Tuesday and Friday, there were inflows totaling $11.4 million and $1.5 million respectively, but these gains couldn’t counterbalance the losses from other days. Consequently, Ethereum ETFs experienced another week of net outflows, amounting to -$12.9 million.
Yet, the concerning aspect once more lies in the fact that investors’ commitment seems less robust when it comes to Bitcoin futures contracts compared to direct Bitcoin investments.
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2024-09-14 08:58