Bitcoin’s two-week-long negative streak came to an end on Monday, while the net inflows for the past five-day trading period skyrocketed to over $400 million.
The same cannot be said for the spot Ethereum ETFs, as the products continue to bleed out and see little to no actual demand.
Spot BTC ETFs Back on Track
CryptoPotato reported last week the longest negative streak that the spot Bitcoin ETFs were on, as they saw roughly $900 million in net outflows from August 26 until September 6. Within this timeframe, the underlying asset’s price tumbled hard, falling from over $65,000 to under $53,000.
However, investors changed their tune on Monday and broke the streak with $28.6 million in net inflows. The rest of the week was even better, with $117 million entering the funds on Tuesday, $39 million on Thursday, and a whopping $263.2 million on Friday. In fact, this became the best day in terms of net inflows since July 22, when the number stood at $485.9 million.
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.
Interestingly, BlackRock’s IBIT (the ETF leader with nearly $21 billion in AUM) saw no actual inflows. It was in the red on Monday, for just the third time in its history, with $9.1 million in net outflows, and it saw no reportable action by the end of the week.
In contrast, Fidelity’s FBTC led the pack with $28.6 million on Monday, $63.2 million on Tuesday, and more than $102 million on Friday. Ark Invest’s ARKB also had a strong finish to the week with $99.3 million in net inflows after seeing $54 million in withdrawals on Wednesday.
Ethereum ETF Lack Interest
Another trading week went by in which the spot Ethereum ETFs failed to attract any real demand from investors. Just the opposite, the overall numbers are in the red once again, with $5.2 million pulled out on Monday, $0.5 million on Wednesday, and $20.1 million on Thursday.
The $11.4 million in net inflows on Tuesday and $1.5 million on Friday could not offset the numbers from the other days. As a result, the Ethereum ETFs registered another week of net outflows (-$12.9 million).
However, the more worrying story here again is that investors do not show the same level of conviction as they do with the spot Bitcoin counterparts.