Cryptocurrency news

ETF Weekly Recap: Bitcoin, Ethereum Funds Turn the Corner But There’s a Catch

CryptoPotato / 12.10.2024 / 05:16
ETF Weekly Recap: Bitcoin, Ethereum Funds Turn the Corner But There’s a Catch

The spot Bitcoin and Ethereum ETFs broke the negative streak registered last week and ended the current trading one with net inflows.

However, the situation around the ETH ETFs is quite underwhelming, to say the least, once again.

Bitcoin ETFs’ Demand Is Back

CryptoPotato reported last weekend the dire landscape regarding the net flows toward the 11 US-based spot Bitcoin ETFs. After eight consecutive days of net inflows, the tables had turned and more than $274 million left the products during the entire week.

However, Monday started on a highly positive note, with $235.2 million entering the funds in net inflows. Fidelity’s FBTC and BlackRock’s IBIT led the pack, with $103.7 million and $97.9 million, respectively.

Investors changed their behavior in the next three days, with $18.6 million in net outflows on Tuesday, $40.6 million on Wednesday, and $81.1 million on Thursday. Nevertheless, the trading week ended on Friday at the right foot, with another $253.6 million in net inflows. FBTC was at the forefront once again, with $117.1 million, while Ark Invest’s ARKB followed suit with $97.6 million.

Consequently, the overall numbers for the week stood at $348.5 million in net inflows. The developments on Friday coincided with or perhaps drove a substantial rally for BTC, which surged from the Thursday low of $58,800 to a weekly peak of $63,400 before retracing slightly to its current level of $62,500.

The ETH Catch

The spot Ethereum ETFs also ended the week slightly in the green. Despite the $8.1 million withdrawn on Tuesday and $0.1 million on Friday, Thursday’s net inflows of $10.1 million managed to offset the losses.

However, looking closer at the total numbers actually confirms a previous narrative that the demand for the ETH ETFs is simply lacking. Monday and Wednesday saw no reportable flows. This, combined with a previous article from this week that compares the first 79 trading days for the Ethereum ETFs with the initial months of the BTC ETFs, solidifies the notion that investors show little to no interest in the second-largest cryptocurrency.

Still, ETH’s price also recovered from the Thursday crash and is 2% up on the week. Currently, the asset trades close to $2,450, which is about $100 higher than the weekly low.

Source
Recently News

© Token Radar 2024. All Rights Reserved.
IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.