After being on a highly impressive streak of net inflows, the landscape around the 11 US spot Bitcoin ETFs changed in the past week, perhaps due to the geopolitical tension in the Middle East.
The Ethereum-based funds are also in the red on a weekly scale, while the two underlying assets’ prices crashed to local lows.
Bitcoin ETFs Break the Good Streak
CryptoPotato reported last weekend the positive streak the BTC ETFs had experienced, attracting over $1.1 billion in net inflows within the span of just five trading days. Moreover, that Friday (September 27) was the best day in terms of allocated funds since early June.
Consequently, BTC’s price soared from $62,000 to over $66,500 within the same week. However, the situation changed for the worse in the past five trading days as investors pivoted from their strategy.
Perhaps due to the escalating conflicts in the Middle East, market participants broke the eight-day positive streak on Tuesday, with total net outflows worth $242.6 million. Wednesday and Thursday were also painful for the ETFs, with $64.4 million and $54.2 million leaving them, respectively.
Although Monday and Friday registered net outflows worth $61.3 million and $25.6 million, the entire week ended in the red. Overall, $274.3 million was withdrawn from the US-based ETFs.
This harmed BTC’s price movements, as the asset tumbled from $66,000 (last Sunday) to $60,000 on Wednesday and Thursday. Despite recovering slightly to $62,000 as of now, the cryptocurrency is still more than 5% down weekly.
Ethereum ETFs in the Red, too
The spot Ethereum ETFs had a slightly different week but with the same outcome. Monday started with minor outflows of $0.8 million, while Thursday saw $48.6 million taken out. Another $3.2 million was pulled out on Thursday, while investors allocated $19.8 million in net inflows on Wednesday and $7.4 million on Friday.
This places the total weekly number at -$25.4 million for the ETH ETFs. Although the net outflows for Ethereum were a lot less than those for the Bitcoin ETFs, ETH’s price has actually declined more.
The second-largest digital asset stood close to $2,700 last Sunday, but it dumped by almost $400 mid-week to bottom out at around $2,300 on Thursday. It has recovered to $2,420 now, but it is still more than 8% down weekly.